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Gaedeke Buys 17Seventeen in Uptown/Turtle Creek
October 4, 2016
DALLAS – Gaedeke Holdings XIV, Ltd. has closed on the acquisition of 17Seventeen, an iconic 369,017-sf office trophy in one of Dallas' most prestigious submarkets, Uptown/Turtle Creek.
17Seventeen has the distinction of being Dallas' first LEED Gold project. The 19-floor structure's signature element is a 22-story LED illuminated light panel. The property also features a one-acre park-like amenity deck; 1,096-space attached parking garage; and upper bank views of the landmark 5.2-acre Klyde Warren Park and the Arts District.
Situated at 1717 McKinney Ave., 17Seventeen was developed in 2010 on a 2.1-acre tract in an amenity-rich neighborhood with best-in-class office properties, the Perot Museum of Nature and Science and a thriving streetscape of restaurants, retail, entertainment, hospitality and cultural venues. Stephan Pyles' Stampede 66 is the property's trademark dining establishment.
Gaedeke has acquired the 98%-leased 17Seventeen from a joint venture between Granite Properties Inc. and MetLife.
"17Seventeen's exemplary design and location are a natural fit for our investment repositioning," says Glenn S. Lickstein, president of Gaedeke Group, LLC.
17Seventeen is an award-winning design by Good Fulton & Farrell of Dallas, featuring 361,524 sf of class AA office and 7,493 sf of retail space. The high rise was named Outstanding Building of the Year in the 250,000-sf to 500,000-sf category in BOMA's 2015 TOBY Awards. It also earned high Energy Star ratings in 2014, 2015 and this year. Dan S. Yates, green programs manager for Gaedeke, will oversee the building's new on-site property management team.
"This building is pure quality – every box has been checked." says Belinda Dabliz, Gaedeke Group’s vice president of leasing.
Among its innovative features, 17Seventeen has a 17th floor balcony with breathtaking views; a seventh-floor amenity level with a conference facility, 4,000-sf fitness center and outdoor pool; and a parking garage for office tenants and residents of the adjacent Gables Park Seventeen. The multifamily development was not part of the sale. Regions Bank is one of the building's largest tenants, occupying two floors of office space plus providing the property with an on-site full-service bank with two drive-through lanes.
Tucked into the Lower McKinney Avenue neighborhood, 17Seventeen offers immediate access to the Woodall Rogers Freeway, the Dallas North Tollway, as well as Interstate 35 and Central Expressway. Close by are three light-rail stations and the "M-Line Trolley." And if a $40 million proposal to extend Klyde Warren Park comes to fruition, 17Seventeen will be on its doorstep.
- Gaedeke Gets Green