Real Estate

JP Morgan Completes Multimillion-Dollar Upgrade in Dallas

J.P. Morgan Global Alternatives, together with Stream Realty Partners, completed a multimillion-dollar improvement plan for 2515 McKinney, an office tower in Dallas. Entos Design was the architect and Michael Walker Construction served as general contractor. Prior to its rebranding, the property was known as Chateau Plaza.

The building rises 18 stories and spans 178,970 square feet. Completed in 1985, it previously underwent a cosmetic renovation in 2011. This most recent round of improvements, which commenced in April 2023, brought new amenities such as a fitness center, tenant lounge, conference center and an outdoor patio, also improving finishes and designs.

JP Morgan Asset Management acquired the tower in 2005 for $31.3 million, according to CommercialEdge data. The LEED-certified building comprises office suites ranging from 1,500 square feet to 18,000-square-foot full floors. Tenants at the property include VMG Health, Riveron and Cloud 10 Studios, the same source shows.

Located in Uptown Dallas, 2515 McKinney is less than 2 miles north of the metro’s downtown. It is some 3 miles from the Parkland Health general hospital and 4 miles from the Dallas Love Field Airport. The building is also within walking distance of the Uptown Plaza Dallas shopping mall.

As of January, the average listing rate in Dallas clocked in at $26, representing an 8.3 percent year-over-year drop and below the national rate of $3, according to a recent CommercialEdge report. Vacancy in the metro reached 19.7 percent, climbing 1.8 percent over 12 months, above the 18 percent national figure.

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