An investment management company is on the move in Dallas, delivering another blow to downtown while extending a winning streak for Uptown.
Invesco has leased 58,500 square feet across the 11th and 12th floors of the Union building at 2300 North Field Street, the Dallas Morning News reported.
Design firm HKS is building out the space, which is set to cost $1.5 million. The project will begin next month, with completion slated for August.
Invesco will relocate from the Trammell Crow Center, at 2001 Ross Avenue, in the Arts District area of downtown. It’s unclear if the move marks an expansion or a downsize of the company’s Dallas footprint. The Uptown lease could be slightly larger. An online listing shows the Trammell Crow Center’s full 33rd and 34th floors, spanning just over 56,000 square feet, will become available on Sept. 1.
RED Development developed the Union in 2019 and sold it a year later to an unidentified investment group, for more than $370 million, although RED retained a small stake in the 21-story building. Along with 417,000-square-foot Class-A office space, the property features various restaurants, a Tom Thumb grocery store and an adjoining apartment tower.
Invesco is one of several companies to ditch its downtown lease in favor of the trendy Uptown area, where a number of office developments are in the works.
Bank of America, for instance, will vacate its namesake tower at 901 Main Street, with plans to occupy 238,000 square feet in the 30-story Parkside Uptown. Construction of that roughly 500,000-square-foot building is expected to be completed in 2027, with KDC and Pacific Elm Properties leading development.
Earlier this year, professional services firm Deloitte leased more than 100,000 square feet across four floors in the 26-story 23Springs, a project by Granite Properties and Highwoods Properties. Deloitte will relocate to the Uptown building from the former Chase Tower on Ross Avenue, where it’s operated for more than 30 years.
Moreover, JPMorgan Chase recently relocated from downtown to Uptown, and real estate firm CBRE is planning a similar move.
—Quinn Donoghue
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