REES AIMS TO REPOSITION A MAJOR DOWNTOWN ASSET

REES AIMS TO REPOSITION A MAJOR DOWNTOWN ASSET

Originally designed in 1960-1961, the historic 1401 Elm skyscraper was once the tallest building west of the Mississippi. Built for the First National Bank of Dallas, the hexagonal tower rises a total of 52 floors from an eight-story base of white marble. The building encompasses over 1.5 million total square feet, including a total rentable office area of over 1.3 million square feet.

Due to low office tenant occupancy, 1401 Elm was recently placed on the market. Along with a group of investors, REES (REES) is competing to acquire the property and reposition it as the largest high-rise residential address in the City of Dallas. Well-known as repositioning specialists, the REES team is designing the 600+ unit project to encompass a wide array of lifestyle products ranging from affordable units that meet HUD standards to ultra-luxury penthouse lofts.

“Built during an era of cheap energy, the building’s operational costs have been a noose around its neck in recent times,” said Frank W. Rees, Jr., AIA, LEED AP, REES’ Chairman and CEO. “We will reposition this property for the future. This building will go from an energy hog, a constant drain on the grid, to a LEED Gold certified property, a shining example of what is now possible with new sustainable technologies.”

To read the recent Dallas Morning News article about this project, please click here.

To learn more about this project, please click here.