Fort Worth-based Trademark Property Co. has been hired to manage, lease and develop a plan for a high-profile Dallas project.
UBS Asset Management has hired Trademark Property Co. to manage, lease and develop a plan to evolve the 1.4-million-square-foot Galleria Dallas.
Located at the intersection of Interstate 635 and the Dallas North Tollway, Galleria Dallas opened in 1982 as Dallas’ first major suburban mixed-use project. Now,, the project sits at the gateway to the Midtown project, which will bring 450 acres of new office, multifamily, retail and entertainment space, as well as the city’s largest programmed park.
“Galleria Dallas is an iconic shopping center and a valuable real estate asset for UBS investors. With the evolution of the surrounding area and retail industry, we are at a unique point in its history,” said Matt Lynch, hof Real Estate & Private Markets U.S. at UBS AM. “Our vision for this next chapter in the Galleria Dallas story is to position it as a leader in the resurgence of the neighborhood and as a vibrant mixed-use district. We are thrilled to have found a partner in Trademark that brings nationally recognized redevelopment experience and local market knowledge, and we are excited to cultivate this vision together.”
Planning will begin immediately with a stakeholder visioning process that will bring together experts in retail, design, real estate, placemaking and development with city and community stakeholders to work together on the future of Galleria Dallas. Using information gathered from those meetings, Trademarkand UBS will develop a strategic plan and concrete initiatives that evolves the property based on market and customer research, industry best practices, and the continued evolution of the retail industry.
“We see enormous potential in Galleria Dallas as a true destination-worthy mixed-use district and gathering place for North Texas,” said Terry Montesi, CEO, Trademark Property Co. “People expect more from mixed-use places today than ever before. We intend to consider every option as we evaluate how best to evolve Galleria Dallas – from the addition of other uses, improved service and experience, to added technology, destination-worthy common areas, and a thoughtful collection of best-in-class retail and restaurants. It’s about identifying strategies that fit the changing role of brick and mortar retail and mixed-use places in customers’ lives.”
Trademark’s portfolio of retail and mixed-used development expertise includes a number of recent notable redevelopment projects like Victory Park in Dallas, Rice Village in Houston, WestBend in Fort Worth, and Saddle Creek in Germantown, Tenn.