A 1980s Dallas office building is getting a makeover this year.
Acram Group is planning a $12.5 million renovation of the 12-story Spectrum Center in Addison, according to a filing with the Texas Department of Licensing and Regulation.
The project affects about 65,000 square feet and calls for some exterior demolition and reconstruction of storefronts and entry walls on the property at 5080 Spectrum Drive.
Interior renovation plans call for demolition of existing amenity spaces in the plaza level of the building. The project is expected to be completed by the end of this year.
Acram Group purchased the 614,000-square-foot Spectrum Center in 2022, when it was 73 percent leased, for $114 million, or about $186 per square foot. With the acquisition, Acram Group became owner and manager of more than 1 million square feet of office space in the Dallas area.
The Connecticut-based company, which has offices in Dallas and New York, has big plans for the building, which it describes on its website as “value-add.”
“Acram group is executing a $30M capital project to reimagine all aspects of the Property to cater to the changing needs of today’s office tenants,” the website states.
Built in 1982 and previously renovated in 2010, the Class A building sits on about 7 acres.
The building is currently occupied by such tenants as Wells Fargo, Cornerstone Staffing and the headquarters of the healthcare company Concentra. Alliance Virtual Offices offers co-working space on the 10th floor.
Situated in the center of Addison’s restaurant row, at the corner of Beltline and the Dallas North Tollway, the Spectrum Center is less than 30 minutes from the Dallas/Fort Worth International Airport.
It features a fitness center, outdoor courtyard, customer lounge and a 3,000-square-foot conference center.
Acram’s other Dallas office property — the 18-story Lakeside Square 12377 Merit Drive — was built in 1985 and sits in Park Central, a sub-sector of the East LBJ submarket. It was 62 percent occupied at the time of purchase, and Acram spent $10 million renovating the 410,000-square-foot building, adding a fitness center, coffee bar and boardroom.
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