May 3, 2023
Glenstar Completes Multimillion-Dollar Office Redevelopment and Expansion at 20-Story Premier Place in Dallas
Chicago-based Glenstar Properties has completed its multimillion-dollar redevelopment of Premier Place, a 20-story, 457,900-square-foot Class A office building at 5910 N. Central Expressway in Dallas.
The project included the addition of 3,000 square feet of new space for an indoor/outdoor tenant lounge that features a coffee and cocktail bar, an expanded lobby, and the renovation of a large conference room available to tenants.
“To attract employees back to the office, we need to create high-quality, comfortable and efficient spaces,” said Michael Klein, managing principal of Glenstar. “The new lounge at Premier Place provides a warm, hospitable space for tenants to socialize and collaborate with clients as well as co-workers. The new lobby and conference room are equally modern and inviting.”
A major part of the redevelopment was building an addition for the new lounge. Glenstar extended the building’s curtainwall on the east side of the building to enclose the new addition that opens to the redesigned courtyard.
Completed in November 2022, the lounge’s high ceilings and floor-to-ceiling windows create an open, airy environment. Sofas and armchairs are arranged to provide multiple conversation areas, and large-screen TVs and a shuffleboard table offer entertainment options. The lounge flows seamlessly into an outdoor area with tables and chairs and a patio sectional facing a built-in fireplace, all under a modern pergola.
The redevelopment is propelling occupancy at Premier Place, which is home to anchor tenants Merrill Lynch, AmWins and LifeTime, a fitness center occupying 62,000 square feet on the sixth and seventh levels of the garage. Five new tenants have signed leases since the completion of the redevelopment.
“The indoor/outdoor lounge addition is the crown jewel of the redevelopment,” Klein said. “It gives an upscale, welcoming vibe to the building. It feels like you’ve walked into a five-star hotel bar. The lounge has a liquor license and is fully staffed with bartenders. There’s nothing else like it in Dallas.”
The redevelopment also included renovation of the second-floor conference room, which can accommodate 20-plus people. State-of-the-art audiovisual equipment and high-speed internet connections are provided for videos or presentations.
“When Glenstar purchased the building the lobby did not have a place for tenants and guests to meet” said Lori Martin, Vice President and General Manager for Glenstar at Premier Place. “Visitors would come in and meet at the security desk. The redevelopment has created an environment to gather, conduct business meetings and meet neighboring tenants. The goal was to create a synergy blending work, life and play. You need that collaboration in an office building.”
“Premier Place is a highly visible top-tier office property with an excellent tenant roster,” said Michael Klein, managing principal for Glenstar. “Its new spaces reflect the vibrancy of the neighboring restaurants, retail, hotels and apartments.”
The redevelopment project began in late 2021 with Wright Heerema Architects serving as project architect, Glenstar as construction manager, and Scott & Reid as general contractor. Glenstar is the building’s property manager.
Built in 1985, Premier Place is located along U.S. Highway 75, 1½ miles from downtown Dallas, adjacent to SMU, Mockingbird Station, DART, and The Katy Trail. Glenstar’s office portfolio in Dallas totals 2.7 million square feet, which includes Premier Place; Energy Square and the Meadows Building, a five-building, 1.1-million-square-foot office campus; and The Terraces, a 1.2-million-square-foot office campus of eight Class A buildings on 72 acres in Westlake, TX.
Glenstar Properties is a Chicago-based national commercial real estate firm specializing in industrial development, reimagined office and multifamily properties. Founded in 2004 by Michael Klein, along with Rand Diamond, Glenstar has successfully developed or redeveloped more than $2 billion in commercial space comprising 10 million square feet across the U.S. Its nimble, tenant-focused approach and vertically integrated structure allow Glenstar not only to pursue and execute opportunistic projects, but also to oversee and manage them seamlessly.
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