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Downtown Dallas’ Landmark Chase Tower Lands $188 Million in Funding

Downtown Dallas’ Landmark Chase Tower Lands $188 Million in Funding

One of downtown Dallas’ biggest skyscrapers has landed a huge new loan.

The 55-story Chase Tower on Ross Avenue opened in 1987 with almost 1.3 million square feet of offices.

Since 2016, the landmark downtown tower has been owned by New York-based Fortis Property Group, which paid $285 million for the high-rise.

Now Fortis has gotten a new $188.08 million loan on the property from Starwood Property Trust, according to information from property data firm CommercialEdge.

The funding came from Starwood’s SPT Real Estate Capital LLC, county records show.

The new loan paid off an older mortgage on the property.

The new funding comes at a time when the tower’s lead tenant — JPMorgan Chase — is reportedly eyeing an exit from the high-rise. The building’s exclusive Petroleum Club is also said to be looking at a move.

Fortis and former owner Hines spent more than $30 million on upgrades to the downtown landmark, which was designed by architect Richard Keating.

Improvements included changes to the lobby area and a revamped plaza area out front.

Along with signature Chase Bank, other tenants in the tower include Deloitte; law firms Locke Lord, Norton Rose Fulbright and Sheppard Mullin; and Prudential Insurance.

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