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Competition expected to increase when construction is completed along LBJ Freeway
For nearly 12 years the LBJ submarket has been forced to adjust to increased traffic counts and on-going construction, which unjustly gave the area a bad rap. Now, with only 15 months until the completion of the LBJ Express, the submarket is poised for a rebirth that is expected to generate a renewed interest from developers, owners and occupiers.
JLL today announced the firm was selected by Boston-based Tremont Realty Capital to lease Abrams Centre at 9330 LBJ Freeway in Dallas, Texas. JLL's Senior Vice President Jay Bailey, Vice President Blake Shipley and Associate Lauren Halstedt will handle all of the leasing and marketing efforts for the property.
Abrams Centre is a 15-story 325,750-square-foot Class A office building is the LBJ submarket, where rents currently average $18.91 per square foot. However, according to JLL, the submarket is projected to rebound in 2015 when construction is completed.
Bailey, who has over 20 years of leasing experience in the submarket said, "Once construction is complete, LBJ will shed its stigma and re-emerge as a viable submarket with positive fundamentals that tenants will find attractive. Activity is already picking up because it's the main artery for people moving from Coppell to North Dallas and Rockwall to Las Colinas."
Tremont Realty Capital acquired the Abrams Center in 2010 as part of the firm's strategy to reposition distressed assets. Tremont recently completed a capital improvement program to improve the building lobby, on-site café and common areas.
The property is conveniently located with immediate access to LBJ Freeway, North Central Expressway, the Dallas North Tollway and Forrest Lane. On-site amenities include property management, security, deli, conference center, barber and a full-service bank with a drive-thru. Major tenants at the building include Regus, Novitas Solutions, Accident Insurance Services, Civil Associates and Prosperity Bank.
JLL research shows that the eastern portion of the LBJ construction zone, where Abrams Centre is located, has responded with more resilience and posted a lower vacancy rate than the western portion where vacancy was 29.6 percent in the second quarter.
"With LBJ construction scheduled for completion by year-end 2015, the submarket is expected to see notable improvement in vacancy and rental rates," said JLL Research Manager Steve Triolet. "It's true that the total vacancy rate currently remains high, but average rates have already begun to drift upward as construction draws near, up almost 7 percent since the beginning of this year.
About Tremont Realty Capital
Tremont Realty Capital, LLC is an SEC Registered Investment Advisor that focuses on commercial real estate investments and advisory services. We are headquartered in Boston with additional offices in New York, Chicago, Newport Beach, CA, Washington, DC and Hartford, CT.
Tremont specializes in middle market Direct Real Estate Lending / Investing and Asset Management. Our preferred target investment is in gap capital (mezzanine debt, B Notes and preferred equity). Since inception, Tremont has managed debt and equity portfolios in a variety of commercial real estate classes across the United States. These investment portfolios represent a portion of more than $776 million in total real estate value.
Tremont also provides Real Estate Investment Banking services for select clients. Engagements have included debt and equity capital raises, consulting and asset management. Tremont has raised over $3.5 billion for real estate owners and sponsors.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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