In a recent development in the real estate business, a Dallas investment has acquired a 10-story building northwest of downtown, along Stemmons Freeway. The high-rise tower, formerly known as trinity industries tower, lies at Stemmons and Medical District Drive near the UT Southwestern medical district.
Entry into the market
The relocation of the previous owner of the high-profile tower, Trinity Industries, to their new headquarters situated on the Dallas North Tollway in Farmers Branch paved the way for this tower to enter the market for sale. The reason for relocation was the realignment in the management.
Trinity industries own a wide variety of businesses in the field of energy, transportation, construction, and industrial sectors across America. It owned big business in the Stemmons Freeway corridor before its relocation. CBRE Group, a commercial property firm, marketed the property for sale.
Future Developments by the new owner
Built in the year 1974 with a 125,000-square-foot area, the office tower at 2525 North Stemmons is taken over by J. Small Investments with many future plans. In partnership with Lyda Hill Philanthropies, J. Small Investment has planned to convert the 23-acre property into Pegasus Park. This park provides an office campus of mixed-use for both biotech firms and non-profit organizations.
One of the new owners undergoing projects includes converting the former Exxon Mobil Office tower and surroundings into biomedical research and non-profit business center. The high-rise building lies just down the freeway, where this project is going on.
The Pegasus Park Project is the most promising sign of revival in the Stemmons Corridor, which has easy access to Love Field, the medical district and downtown Dallas. The property attracts people for many purposes like office, residential, lodging, retail and personal service, and trade centers.
The growth in the Medical and Design districts and areas near the Love Field airport has influenced the substantial growth in the real estate business (rental and sale) in the Stemmons Corridor.