DRA Advisors LLC, a New York City-based investment advisor, closed on 5050 Quorum Drive in Dallas. The asset is comprised of a seven-story office building totaling 133,799 square feet.
DRA purchased the building with plans to renovate the asset and combine it with 5000 Quorum, a seven-story, 165,434-square-foot office building that it acquired in November 2014, to create a campus-style environment. The buildings were originally constructed together and will now be re-united.
“We are excited to expand our office footprint in the Dallas area and will continue to look for additional opportunities that fit our strategy,” said Dan Goldman, managing director of DRA. “The North Dallas/Addison region offers compelling resources and amenities that continue to entice businesses to relocate to the area.”
DRA recently revealed completed renovations for their existing three-building Quorum portfolio acquired in November 2014. Renovations and upgrades totaled more than $8 million at 5000 Quorum Dr.; at Quorum Place (a nine-story, 181,737-square-foot Quorum Place building at 14901 Quorum Dr.); and at The Spectrum (a five-story, 118,532-square-foot building at 15301 Spectrum Dr.). These improvements, which include new conference facilities, tenant lounges, and state-of-the-art fitness centers, were showcased at a broker event last week.
Stream Realty Partners has been awarded the management, leasing and construction management of the asset at 5050 Quorum. Stream’s leasing team, which includes Ryan Evanich, Chase Lopez and Jordan McFarland, along with Stream’s property management team, which includes Jenny Taylor and Karen Hatfield will oversee the leasing and property management for the property. Stacye Wolfe will serve as construction manager for the renovation efforts.
“We look forward to working with DRA to lease the space to a growing employee base within the community,” said Chase Lopez, senior associate at Stream. “The recent renovations and added amenities have allowed us to compete for businesses desiring an affordable live, work and play environment.”
DRA Advisors LLC
DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $9.8 billion in assets under management as of March 31, 2016. Since 1986, DRA's focus has been consistent: conservative, value-added real estate investments in the office, retail, multi-family and industrial sectors in the United States. DRA's acquisitions since inception include 1,350 properties valued at over $27 billion. www.draadvisors.com
Stream Realty Partners
Stream Realty Partners, L.P. (Stream) is a national, commercial real estate firm with locations across the country. Stream’s full-service offerings cover the broad spectrum of leasing, management, development, construction, and investment sales services across the commercial and multifamily industry. In addition, Stream specializes in sourcing acquisition and development opportunities for the firm and its clients. Since its formation in 1996, Stream has grown from its two original partners to a staff of more than 650 real estate professionals nationwide with regional offices in Atlanta; Austin; Charlotte; Dallas; Denver; Fort Worth; Houston; San Antonio; Southern California; and, Washington, D.C. Stream currently has more than 120 million square feet of assignments across the nation; completes over $2.4 billion in real estate transactions annually; and is considered one of the most active investors and developers in the real estate industry. www.streamrealty.com
