The Lionstone Group Announces Major Repositioning of Dallas' Lincoln Plaza Ownership completes a $25 million renovation and renames the building Ross Tower
DALLAS, Sept. 13, 2013 /PRNewswire-iReach/ -- The Lionstone Group, a privately-owned real estate investment firm, announced today that Dallas' Lincoln Plaza will be renamed Ross Tower to more accurately reflect its prime downtown location at the corner of Ross Avenue and Akard Street.
"The core of downtown and its amenity base has shifted north with the recent completion of the Dallas Arts District and Klyde Warren Park," said Lionstone Partner Dan Dubrowski. "We believe the name Ross Tower better highlights the building's excellent location on Ross Avenue in the Arts District."
The Lionstone Group selected PegasusAblon, its local operating partner, to provide agency leasing and lead new improvements at the building.
"Lincoln Plaza is a name that has served the building well for nearly thirty years," said PegasusAblon Principal Mike Ablon, "but this is much more than a name change. Over the last five years, ownership has invested $25 million to dramatically improve the tenant experience and service, including a comprehensive lobby renovation and the addition of key tenant amenities."
In addition to interior improvements, Ross Tower has also acquired additional tenant parking adjacent to the building.
"The addition of parking at 411 North Akard allows us to offer Ross Tower tenants a suburban parking ratio," said PegasusAblon Vice President of Leasing Mike Silliman, "something no other Ross Avenue building can match."
The 45-story Ross Tower is an integral piece of the iconic Dallas skyline, with sweeping views of Uptown, the Dallas Arts District and Klyde Warren Park. A roster of unparalleled tenant amenities including luxurious finishes, a guaranteed three per 1,000 parking ratio and multiple on-site dining options including 45 Oaks Cafe, a full-service Starbucks and the legendary Dakota's Steakhouse, make it an outstanding office location. Ownership is also redeveloping neighboring 411 N. Akard which now includes parking for Ross Tower tenants.
In October of 2012 the Lionstone Group was selected as investment advisor for Ross Tower on behalf of the building's state pension fund owner. The Lionstone Group tapped PegasusAblon to handle asset management and leasing and Transwestern Property Company to provide property management services for Ross Tower and the newly acquired 411 Akard building.
About The Lionstone Group
Founded in 2001, The Lionstone Group is a privately owned real estate investment firm, which specializes in conceptualizing and executing national investment strategies based on proprietary data interpretation and ideas. Each Lionstone real estate strategy is implemented by a dedicated team with both discretionary and non-discretionary capital, providing maximum flexibility for investing partners and the fund managers to grow value. The firm focuses on productivity based investment across three platforms: 1) Cash Flow Investments in high demand cities that deliver safe cash returns with low volatility; 2) Urban Investments in areas where lifestyle, rising incomes and globally competitive businesses increase rental rates and values; and 3) US Land Investments in urban infill land that are priced attractively today and provide opportunities for value creation through rapid appreciation or re-use. For more information visit www.lionstonegroup.com.
PegasusAblon is a commercial real estate development, investment and management company headquartered in Dallas, Texas. With experience in a diverse collection of real estate disciplines, PegasusAblon's management team has developed the knowledge and extensive resources necessary to manage and invest in a broad range of real estate opportunities. PegasusAblon focuses its resources on Dallas and Ft. Worth as core markets, and pursues diverse asset types depending upon market cycle dynamics and unique asset attributes. For more information visit www.pegasusablon.com.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net.
Media Contact: Jennifer Smart, PegasusAblon, 2146981300, firstname.lastname@example.org
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SOURCE The Lionstone Group