Trophy Tower to Get Dazzling Return to Glory Days

The ownership team intends to complete a multi-million-dollar lobby renovation.

DALLAS—Since 1992, the class-A asset, 5005 LBJ Tower , formerly known as Occidental Tower , has been owned by Occidental Tower Corporation , a subsidiary of Dallas-based Occidental Chemical Corporation (OxyChem). It has been acquired by institutional investors, according to New York Life Real Estate Investors and Encore Office LLC . The 24-story, 549,170-square-foot office building is strategically located at the northwest corner of the Dallas North Tollway and the newly reconstructed LBJ Freeway. The property is 94% leased to tenants including Susan G. Komen Foundation, Encore Enterprises and OxyChem , which will remain as a tenant in the building. The prime top five floors of the property will become available in August. Scott Ingham , director at New York Life Real Estate Investors, tells GlobeSt.com: “We couldn’t be more excited to upgrade the property and restore it to the trophy it was originally developed to be. The unparalleled signage and enhanced exterior lighting will offer an outstanding tenant branding opportunity that has not been available for decades.” The new ownership team intends to complete a multi-million-dollar lobby renovation and make improvements to the overall campus. Renovations are expected to start within a few months and will include upgrades to the building’s amenities. Plans include a new conference facility, tenant lounge and fitness center. “We could not be more pleased to have purchased this iconic property, which was made possible by the close relationship that we maintained over the years with Occidental,” said Patrick Barber , president and chief executive officer of Encore Enterprises. Stream Realty Partners has been awarded the management and leasing of the asset. J.J. Leonard, managing director, Sara Terry , vice president, and Chase Lopez , senior associate of Stream’s office division in Dallas, will lead the leasing efforts for the property. “There is a great deal of excitement about this acquisition with all entities involved. It’s one of the most iconic suburban assets in Dallas, combining unmatched quality, location and exposure for companies looking for high-quality office space,” said Stream’s Leonard. “This unique, high quality asset is an excellent opportunity for us to invest in a key location in Dallas at a time when the revitalization of the Galleria area is just beginning,” said Ingham.