Construction begins at the end of this year, with spring 2009 penciled for the grand opening. The lease has been long rumored in brokerage circles, but the concept and the final plan has just been sealed, according to Celeste Fowden, vice president of CB Richard Ellis in Dallas. She, CBRE senior vice president Dennis Barnes and Malcolm Ross, senior director of GVA Cawley in Dallas, represented co-owners Moinian Group and SMA Equities, who bought the 33-story building in April 2007.
Pyles, whose signature restaurant is at 1807 Ross Ave., is taking 2100 Ross' Olive Street and Ross Avenue corner, leasing space now holding the management office. The keystone location was picked because it abuts a practically ready-to-go outdoor terrace that will be outfitted with 35 seats for customers. Samar's interior will seat 60.
Pyles' partners in the new restaurant are George Majdalani and Michael Welch. The high rise has two other restaurants, but as chains they can't compare with the drawing power of Stephan Pyles.
The new restaurant's punch already is starting to show in tours and pending deals as Fowden and Barnes work to backfill 240,000 sf that Ernst & Young LLP plans to empty in August 2009. The pipeline includes a 20,000-sf lease that's awaiting a law firm's signature and another 20,000-sf deal that's due to deliver in 30 days, she tells GlobeSt.com. "The momentum it's created has been incredible. With this law firm that's signing a lease, that was an incredible eye-opener for them in coming to the building," she says. "The timing is perfect."
[IMGCAP(2)]"Our new location is in sync with the direction the Downtown Arts District is moving. In the restaurant business we strive to create an experience for every guest; 2100 Ross offers both a recognizable address and the high-energy atmosphere we were looking for," Pyles says in a press release. "This will be a much needed addition to our already thriving business located at 1807 Ross Avenue."
Pyles' partners in the new restaurant are George Majdalani and Michael Welch. The restaurateurs were represented by Jack Gosnell, executive vice president of UCR Urban/ChainLinks, a division of locally based United Commercial Realty.
The high rise's occupancy has climbed to 92% from 75% since it changed hands and millions were pumped into a renovation. The going rate is $21 per sf plus electric, but Fowden says that's about to change. "We will probably see rates go up in a couple months," she forewarns, adding a $1 per sf to $2 per sf increase is likely.
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