Galleria Dallas to Evolve within Transforming Midtown District
FOR IMMEDIATE RELEASE
Maggie Holley, Sunwest Communications
UBS selects Trademark Property Co. to Manage, Re-envision Iconic Dallas Property
DALLAS (May 15, 2018) – Changes are on the horizon for one of Dallas’ best-known mixed-use properties. UBS Asset Management (“UBS AM”) has hired Fort Worth, Texas-based Trademark Property Co. to manage, lease and develop a plan to evolve the 1.4-million-square-foot property.
Located at the prominent intersection of I-635 and the Dallas North Tollway, Galleria Dallas opened in 1982 as Dallas’ first major suburban mixed-use project. Today, the project sits at the gateway to the up-and-coming 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, Head of Real Estate & Private Markets (REPM) 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 gather feedback and input on the future of Galleria Dallas. Using information from these sessions, Trademark and 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.
About Galleria Dallas
Developed in 1982, Galleria Dallas is Dallas’ first major suburban mixed-use project. Galleria Dallas features more than 1.4 million square feet of retail, the 432-room Westin Galleria Hotel and three integrated Class A office buildings, totaling 1.4 million square feet. Among the collection of more than 200 restaurants and retailers are anchors Nordstrom, Macy’s, Belk and GAP, Inc., as well as a number of specialty retailers including Zara, American Girl, Louis Vuitton, H&M, Club Monaco, Gucci, Sephora and Tiffany & Co., as well as the signature ice skating center. For more information, visit www.galleriadallas.com.
About UBS Asset Management, Real Estate & Private Markets
With over 39 years of real estate investment advisory experience, the US real estate business of UBS Asset Management has approximately USD 32.4 billion under management on behalf of 663 clients. A multi-disciplined organization with staff of approximately 216, the business is headquartered in Hartford, Connecticut with regional offices in San Francisco and Dallas. Providing a wide array of real estate and farmland investment management services to clients, including pension funds, public employee retirement systems, foundations, offshore and private investors, the business focuses on core and value-added strategies ranging from acquiring existing, well leased investment properties to renovations and new development projects. In addition to its US real estate business, UBS Asset Management, Real Estate & Private Markets manages real estate investments in Europe, Asia and Australia. In total, Real Estate manages USD 91.7 billion in real estate and real estate securities worldwide as of December 31, 2017. In the US it operates through its legal entities, UBS Realty Investors LLC and UBS Farmland Investors LLC, registered investment advisors. (data as of March 31, 2018 unless otherwise noted) www.ubs.com/realestate
About Trademark Property Company
Trademark Property Company is an operator, investor and developer of award-winning, mixed-use town centers, specialty, community, power centers and enclosed regional malls. In its over 25 years of business, Fort Worth, Texas-based Trademark has invested in or developed more than 11.8 million square feet of retail and mixed-use assets worth more than $2.5 billion. Trademark’s experienced team of 120 employees is responsible for approximately 6.5 million square feet of retail and mixed-use projects currently in operation or development/redevelopment, including: 5000 South Hulen (Fort Worth, Texas), Alliance Town Center (Fort Worth, Texas), Burr Ridge Village Center (Chicago, Ill.), Glades Plaza (Boca Raton, Fla.), Hillside Village (Cedar Hill, Texas), La Palmera (Corpus Christi, Texas), Market Street Flowood (Flowood, Miss.), Market Street – The Woodlands (The Woodlands, Texas), First Street Napa (Napa, Calif.), Perkins Rowe (Baton Rouge, La.), Rice Village (Houston, Texas), Saddle Creek (Germantown, Tenn.), Victory Park (Dallas, Texas), Watters Creek (Allen, Texas), Waterside (Fort Worth, Texas), and WestBend (Fort Worth, Texas). For more information, visit www.trademarkproperty.com or interact on Facebook, Twitter and Instagram.