Posts Tagged ‘Ross Tower’

It seems like every day brings with it news of another new development in Dallas’ urban core. With all of the construction and renovation underway, the inevitable dilemma has arisen and people are starting to wonder where all of the new downtown workers and residents are going to park. That was the question tackled in a recent story by Candace Carlisle in the Dallas Business Journal.

The awareness of the looming parking problem has been top of mind for PegasusAblon at Ross Tower (formerly Lincoln Plaza). When we partnered with the Lionstone Group on the acquisition of the property in October of 2012 the building had just 1,544 parking spaces, a ratio of 1.25 per 1,000 square feet, simply not enough parking in today’s typical office in which more and more employees are packed into smaller spaces.

To solve the parking problem at Ross Tower, and lure prospective tenants, the Lionstone Group, in partnership with PegasusAblon, also purchased the neighboring building at 411 N. Akard and its 788 parking spaces, with the ability to convert the office building into even more parking in the future.

Ross Tower now offers three parking spaces per 1,000 square feet of space, a suburban parking ratio unmatched in the central business district, and a parking ratio which will become more and more enviable as downtown surface parking lots are snatched up for new construction.

Read the complete story on downtown Dallas’ parking dilemmas here.

Fresh off the renaming campaign for Ross Tower, formerly Lincoln Plaza, PegasusAblon announced that it has executed two new leases for the downtown building.

Blue-chip technology firm IBM has signed on for 24,616 square feet, a full floor, and Dallas-based advertising and branding agency AvreaFoster has taken 13,041 square feet.

The companies join current Ross Tower tenants which include the Dallas Regional Chamber, Towers Watson and Munsch Hardt Kopf & Harr.

From Dave Foster, President and CEO of AvreaFoster, “Ross Tower became the front-runner in our search for many reasons. The amenities. The quality of the building. A prestigious location that will be a plus in recruiting. Most importantly, it was the quality of the people who own and manage the building that put Ross Tower at the front of the list. The design possibilities that PegasusAblon provided will allow us to build out a creative and inviting workspace.”

PegasusAblon’s Vice President of Leasing Mike Silliman represented the owner, CBRE’s Steve Rigby and Mike Cleary represented IBM and Bo Estes with Newmark Grubb Knight Frank represented AvreaFoster in the deals.