DALLAS--Quadrant Investment Properties (QIP) has announced that it has purchased The Centrum, located at 3102 Oak Lawn Ave. 

Situated in the Uptown/Turtle Creek submarket, the class A, 392,473-square-foot office and retail project is currently 73 percent occupied, anchored by tenants such as Compass Health, Baron & Budd, First Service, Lackey Hershman, Steel and Mattito's Tex-Mex.

"We are extremely excited about the acquisition of The Centrum," says Chad Cook, QIP founder. "It is rare to find a project of this significance that offers a repositioning opportunity of this magnitude in such an incredible location. Once the renovations are complete, we hope to offer a workplace environment unlike any in the market, specifically targeting tenants seeking a more collaborative office experience. The building was designed with deep floor plates and high ceilings as well as multiple on-site amenities, all of which are ideal for creative office space users."

In addition, "QIP was attracted to the repositioning opportunity, combined with the great location of The Centrum," Kimberley Brooks, principal with Transwestern, told GlobeSt.com.

Renovations for the project will begin later this year, including a redesigned lobby, outdoor courtyards and rooftop decks, and the addition of multiple food concepts. The renovations will also include updates to the common areas and parking garage, in addition to a spec suite program. QIP has hired Transwestern to lease the asset; CBRE will manage.

Reps with Transwestern were unable to offer more details by press time.