Less than two years ago, it was on the auction block. Now, a multimillion dollar refresh is on deck for One Hanover Park.
Owner New York Life Real Estate Investors started construction on a makeover of the nearly 200,000-square-foot office building at 16633 North Dallas Parkway in Addison, according to a release from Stream Realty Partners.
Updates include lobby renovations, a fitness center, tenant lounge and conference area. The work is supposed to be completed by January.
One Hanover was built in 1998, but features like the eight-story building’s floor-to-ceiling glass walls and 26,000-square-foot floorplates will make it possible to modernize, Stream said.
New York Life Real Estate Investors has owned the building since foreclosing on it in 2023 after owner Madison Marquette allegedly defaulted on the building’s $31.8 million mortgage, the Dallas Morning News reported.
The building was valued for property taxes at $20.7 million this year. In the 2023 deed transfer, New York Life Real Estate Investors said the building was worth $21.8 million.
Since taking over, New York Life Real Estate Investors has been successful leasing smaller spec suites, the release said.
The project highlights several trends that tell the story of Dallas’ office market.
Flight-to-quality has tenants leaving older buildings for trophy office properties with high-end amenities. Buildings like One Hanover find they need to add amenities to stay competitive and attract and retain tenants.
One Hanover’s makeover also speaks to the fact that many companies are picking offices in Dallas suburbs along the tollway, like Plano and Frisco. Corporate campuses are popping up in these areas as people move to farflung corners of the Metroplex.
Another Dallas office building slated for an upgrade is the Uptown Tower at 4144 North Central Expressway. Bradford Companies acquired the 12-story building for an undisclosed price recently and is planning a $10 million renovation to include adding a fitness center and coworking suites.
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Uptown buoys Dallas office market while older buildings sink