Pelli Clarke Pelli-designed mixed-use project receives construction loan

21 July 2014 (Last Updated July 21st, 2014 18:30)

Pelli Clarke Pelli-designed $225m mixed-use project in Uptown Dallas, Texas, has received a construction loan and joint venture equity investment from HFF.

Pelli Clarke Pelli-designed $225m mixed-use project in Uptown Dallas, Texas, has received a construction loan and joint venture equity investment from HFF.

The class-AAA, 530,000ft² project, dubbed McKinney & Olive, is currently under construction.

The 20-storey tower will comprise 480,000ft² of office space, 50,000ft² of premier lower-floor retail space and outdoor public space of nearly one acre, which will set the project apart from other buildings in the area.

"McKinney & Olive will be the tallest structure in Uptown Dallas, following its completion in mid 2016."  

Sprawling across a 3.1 acre site at McKinney Avenue and Olive Street in Uptown Dallas, the project is in close proximity to amenities such as the new Klyde Warren Park, Dallas Arts District and American Airlines Center.

The development also has easy access to DART bus and light rail stations and the McKinney Avenue Trolley.

HFF stated that McKinney & Olive will be the tallest structure in Uptown Dallas, following its completion in mid 2016.

Law firms Gardere Wynne Sewell and Sidley Austin have pre-leased portions of the office space, with Gardere signing on for 109,000ft² and Sidley leasing 75,000ft².

HFF has worked exclusively on behalf of the borrower / developer, Crescent Real Estate Equities in arranging the ten-year, fixed-rate construction financing through New York Life Insurance company.

JP Morgan Asset Management was the joint venture equity provider for the development, acting on behalf of institutional investors it advises.