Holliday Fenoglio Fowler Arranges $92 Million Refinancing for Landmark Building, Renaissance Tower in Dallas, Texas
Business Editors/Real Estate Writers
DALLAS–(BUSINESS WIRE)–Jan. 22, 2003
The Dallas office of Holliday Fenoglio Fowler, L.P., the nation’s leading commercial mortgage banking firm, arranged a $92 million refinancing for Renaissance Tower, a 1,739,000 square-foot, Class A office building located in Dallas, Texas.
Director John Rose arranged the seven-year, fixed-rate financing on behalf of Trizec Properties, Inc. through Bank of America CMBS Capital Markets, a conduit lender. Joe Schmidt, Central Region Manager for Bank of America’s CMBS Capital Markets group in Dallas, represented the lender. Trizec Properties, a real estate investment trust, is one of the largest commercial property investment companies in the United States with a portfolio totaling approximately 49 million square feet of office space concentrated in seven major cities.
A highly visible building, marked by its double “X” lighting, Renaissance Tower is the second largest office building in Dallas. The tower is comprised of over 1.7 million square feet and includes Class A office and retail space, along with a food court pavilion and cafeteria. Major tenants include Blockbuster, Inc.; SWS Securities, Inc.; Godwin Gruber, PC; Transamerica Real Estate Tax Service, Inc.; Winstead Sechrest & Minick, PC and The Neiman Marcus Group. In addition to the office tower, the complex includes an adjacent 11-story, 1,091-space parking garage and is at the center of the underground tunnel system through the central business district. Originally completed in 1974 with renovations in excess of $103 million from 1986 to 1992, the building was 89% leased at year-end 2002. The site is along the DART light rail and bus lines, and has easy access to Interstates 30 and 35, as well as the Central Expressway and the Dallas North Tollway.
With 19 offices nationwide, Holliday Fenoglio Fowler, L.P. is one of the country’s largest real estate capital intermediaries. Since 1998, the firm has capitalized debt, equity, structured finance and investment sales transactions in excess of $59 billion.
COPYRIGHT 2003 Business Wire
COPYRIGHT 2003 Gale Group