Feature Photo (above): LBJ Tower, located in the forefront left, will undergo a multi-million dollar renovation. Image: Google Streets.
Dallas (Dallas County) — Bridgeview Real Estate, a privately held owner, developer and operator of commercial real estate, has initiated a multi-million-dollar renovation plan for LBJ Tower in north Dallas.
Located at 8390 Lyndon B Johnson Freeway in Dallas, the 10-story, 204,461-square-foot LBJ Tower is one of three architecturally similar office towers in a complex known as Executive Center that are located southeast of the Interstate 635 (TEXpress) and North Central Expressway (U.S. 75) interchange.
“LBJ Tower provides an excellent opportunity to execute on our core strategy of renovating class “B” properties with a goal of offering the same design themes and amenities as class “A” properties all at a significant rental rate discount,” said Steve May, president and founder, Bridgeview Real Estate.
“Secondarily, as mobility becomes a more important attribute in the DFW area, we think LBJ Tower is uniquely positioned to provide superior access to the region’s major thoroughfares at an affordable price,” May said.
LBJ Tower opened in 1982 as Executive Center I and has a $7.3 million appraised value. Its sister towers are Executive Center II and III.
The renovation will consist of adding new amenities to enhance the tenant experience at the building. The first-floor lobby will be redesigned with modern finishes and an inviting indoor/outdoor lounge space for tenants and visitors.
Other amenities include a 75-person meeting space, and state-of-the-art fitness center with a group fitness room for private classes.
The capital enhancement program is on schedule to be completed by the fourth quarter of this year.
Bridgeview hired Stream Realty Partners, a national real estate services, investment and development firm to consult on the capital renovation plan and manage the marketing/leasing of the property. Once the capital enhancement began, interest in the building began to increase.
Stream announced that it has secured a 39,039-square-foot headquarters lease with Neurology Consultants of Dallas (NCD). Brian Whittington of Avison Young represented NCD in the lease transaction.
For more than 23 years, NCD has served patients in North Texas with three outpatient locations, and provided inpatient neurology services at Texas Health Presbyterian Hospital of Dallas and Medical City Dallas Hospital.
“We are thrilled to welcome Neurology Consultants of Dallas to LBJ Tower, and are looking forward to their participation in the impactful transformation of the High Five office submarket in Dallas,” said Stream Vice President Chase Lopez.
“Geographic centralization to employees and a hospitality level of onsite building services have become the most influential factors driving tenant decision making for office space.”
Leasing opportunities up to 77,950 square feet remain available in the tower.
LBJ Tower entrance. Image: Google Streets.