Fortis Group Acquires The Point Office Tower

DALLAS-Fortis Property Group has acquired The Point at Las Colinas, an 18-story, 403,129-square-foot class A office tower located just south of State Highway 114.

This will add to Fortis's growing presence in the Las Colinas submarket, as the group also owns a 526,000-square-foot, first class office tower located on the intersection of State Highway 114 and 161. NEC is the primary tenant leasing in both buildings, but the complex will now be known as The Apex at Las Colinas Crossing in preparation for Cushman & Wakefield to market the property's more than 270,000 available square feet. Fortis now owns over 900,000 square feet of office space in Las Colinas and is in talks to bring notable tenants to the rapidly growing area.

“These properties will be attractive to corporations looking to move their office space or company headquarters to the thriving DFW market,” said Jonathan Landau, CEO of Fortis Property Group. “DFW has become a hot spot for young professionals and companies alike looking for low cost of living, ease of doing business and a central location. There's tremendous activity in the Las Colinas leasing market, spurred by the new DART rail extension, increased residential development and many new restaurants and shops.”

The Point was constructed in 1983 and has seen significant remodel over the years. Appropriately named, the complex sits on eight acres at the highest elevation in Las Colinas, providing panoramic views of downtown Dallas and the surrounding areas. Amenities at the complex include on site management, a full service cafe, an expansive conference center and a cutting-edge fitness center.

A partnership between Fortis and Third Millennium Properties purchased The Apex at Las Colinas Crossing in 2005 and has maintained all infrastructure up to the highest standards. The property, built in 2001, is fully equipped with state-of-the-art conference facilities, 24/7 security, a four-story structured parking garage offering high parking ratios, full-service cafeteria, fitness facility and Japanese gardens creating a tranquil work environment and an ideal corporate setting in the center of Las Colinas.

“These properties are in great condition and the activity in Las Colinas is off the charts,” said J.J. Leonard, senior director at Cushman & Wakefield. “Las Colinas continues to be at or near the top of every company's list when looking at corporate relocations from within or outside of the DFW market.  The Apex at Las Colinas Crossing is truly in a class of its own from a quality, visibility, amenity and ownership standpoint. There are very few existing options which can offer this size range of quality space.”

Las Colinas is known as one of the nation's premier headquarters locations and home to approximately 2,000 companies including 30 Fortune 500 firms. It has an employee base of over 103,000 people and provides exceptional freeway accessibility, not only to major business centers but also to suburban communities.

The Point is currently 98% leased with notable tenants, including Lehigh Hanson, GE Capital and Interstate Hotels. The Apex is currently 100 percent leased by NEC but up to 270,000 square feet is now available for a future corporate tenant.

Cushman & Wakefield is the world's largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 243 offices in 60 countries and more than 14,000 employees. The firm has more than $4 billion in assets under management globally.