An exclusive inside lookDallas Business Journal November 5, 2015
It's been nearly a year since Dallas-based Quadrant Investment Properties acquired The Centrum, an iconic Oak Lawn office and retail building, and unveiled plans to deploy a major renovation of the 1986-era property.
Now, those plans to spend more than $20 million in upgrades to The Centrum have begun to take shape, said Chad Cook, founder of Quadrant Investment Properties LLC, who gave the Dallas Business Journal an exclusive tour of the building's upgrades and plans.
"We wanted to find a space that created a sense of community and culture," Cook told me. "This is a bigger version of the co-working culture with plans to tenant it with a variety of industries from oil and gas firms to law firms to media and communication companies."
Cook said it took some time for him and a design team led by Dallas-based Merriman Associates Architects and Entos Design to "listen to the building" and create the building's environment.
As part of the upgrades, the 392,473-square-foot office and retail complex at 3102 Oak Lawn Ave. in Dallas will get a new exterior — which includes taking down the big green railing of a triangle and clock tower — and a new front door.
Cook also plans to completely redesign the lobby with an LED wall and an adjacent courtyard with lush artificial turf. The redo will also include a new rooftop deck catering to office tenants of The Centrum. Plans for the deck include 10,000 square feet of amenity space including a tenant lounge, conference center and artificial turf to bring green into the property.
The office space will have USB ports constructed into the walls of the building and some offices will have a limited number of private rooftop terraces to lease to office tenants.
Cook and his team is in the process of redoing vacant interior space to give tenants exposed ceilings and modern finishes.
The team has also built four speculative office suites on the sixth floor of the building. Three of the four suites have already been leased to Oscar Health of Texas' headquarters, Eastdil Secured and tech firm Averify.
"Each one of these suites ere a little different because we wanted to produce something different than what was already in the market," Cook told me.
The Centrum's luxury speculative suites — which have granite countertops and stainless steel appliances — are being marketed at the mid-$30s per square foot plus electricity. Cook said the firm is still figuring out lease rates on the remainder of the building.
The real estate investment firm also is in the process of redoing the vacant interior space to give tenants exposed ceilings and modern finishes. The updates also include all common areas (bathrooms, hallways and lobby area) and the parking garage.
Even though work is underway, Cook said the project still is in its early stages. Construction is slated to be complete by mid-2016.
Transwestern's Kim Brooks, Nathan Durham and Fletcher Cordell are leasing the office building. By the end of 2015, Cook said the building would be roughly 70 percent leased.
The Centrum also has a 5,500-square-foot restaurant space in the building at the corner of Welborn and Cedar Springs Road. Cook said the building also may get a coffee shop with a grab-and-go option to replace the hair salon.
Want to see what the renovations will look like once completed? Check out an exclusive look at the attached renderings of The Centrum by Dallas-based Merriman Associates Architects.
Candace covers commercial and residential real estate and sports business.
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