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Downtown Dallas’ landmark Plaza of the Americas hits the market

The 1.2 million-square-foot property includes two office high-rises and a shopping center.

A landmark downtown Dallas mixed-use development is up for grabs.

The 1.2 million-square-foot Plaza of the Americas on Pearl Street includes two office towers and an atrium shopping center.

Built in 1979 and 1980, the property has two 25-story office buildings and a 416-room hotel and shopping center at the bottom of a 15-story atrium. The Plaza of the Americas was the first such project built in Dallas’ downtown.

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A remodeling of the atrium in 2013 replaced the original ice rink with an almost-1-acre garden area that has lush green plants, running water and gathering spaces for employees in the project’s office buildings.

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Since 2011, the office and retail buildings have been owned by M-M Properties and Invesco Real Estate. The investors paid an estimated $100 million for the Plaza of the Americas — about what it originally cost to build — then pumped more money into the redo.

Last year, the Federal Deposit Insurance Corp. leased a 163,005-square-foot office in the Plaza of the Americas at 600 N. Pearl St. — one of the biggest such office deals in the city in 2021.

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Now commercial property firm Newmark is marketing the office and retail buildings for sale. The hotel is not part of the sale.

The property is 65% leased to tenants including the FDIC, CNA Insurance, National Union Fire Insurance and Capital One.

“Plaza of the Americas accounts for approximately one-third of all downtown leasing in 2021,” according to Newmark’s marketing pitch. “In addition to the new FDIC lease, longtime tenant Thompson Coe recently renewed more than 70,000 square feet through November 2036.

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The pitch also touts the “opportunity to convert 160,000 square feet of office space to multifamily or hospitality through existing landlord relocation rights.”

Newmark’s Chris Murphy, Robert Hill, Gary Carr and Chase Tagen are handling the big downtown deal.

The new owners of Plaza of the Americas spent $10 million redoing the 15-story atrium in the...
The new owners of Plaza of the Americas spent $10 million redoing the 15-story atrium in the downtown Dallas office and retail project. They replaced the ice skating rink with a garden and dining and gathering spaces.(Steve Brown)