A yearslong redevelopment of the Galleria Towers, a three-building, 1.4 million-square-foot office property in Dallas, has helped owner Piedmont Realty Trust land over 775,000 square feet of leases over the past two years.
The Atlanta-based real estate investment trust began the redevelopment project after buying the Galleria Towers in a $400 million deal in early 2020, with plans for a major revamp of the three 1980s-vintage office towers — originally developed by Gerald D. Hines — near the intersection of Interstate 635 and the Dallas North Tollway. The redevelopment of the Galleria Towers earned the project a 2026 CoStar Impact Award, as judged by real estate professionals familiar with the market.
The Galleria Towers, each connected to the Galleria Dallas mall by a series of skybridges, give office tenants access to over 40 eateries, as well as 140 retail and entertainment options, including the newly opened Netflix House, within air-conditioned walking distance. Piedmont Realty Trust unleashed an "extensive capital program" across the three office towers to transform the space into a "hospitality-driven work environment," REIT officials said.
The upgrades helped attract and retain Marsh, Kimley-Horn, Burns & McDonnell, Merrill Lynch and other tenants. E-commerce giant Amazon is also a major tenant at the property.
About the project: Piedmont's redevelopment of Galleria Towers, from early 2024 to early 2025, was focused on expanding amenities with five hospitality tenant lounges, redesigned lobbies, a 10,000-square-foot fitness center with locker rooms, a wellness room, a Topgolf swing suite, outdoor terrace and conferencing center.
What the judges said: Steve Triolet, Partners Real Estate's senior vice president of research and market forecasting, said Galleria Towers prove iconic 1980s-vintage properties — when repositioned correctly — aren't just surviving, but thriving as a preferred choice of global giants. "While the market has shifted north, Piedmont Realty Trust's hospitality-driven overhaul has created a magnetic corporate environment that has successfully retained and expanded Amazon multiple times," Triolet added.
They made it happen: Piedmont Realty Trust's Damian Miller, Laurie Garcia, Stephanie Ahmed and Dean Spaulding oversaw the redevelopment of Galleria Towers. BOKA Powell's Mary Valker oversaw the interior architecture of the project. James R. Thompson's Todd Grogan led the construction work. Omniplan's Andy Fast was in charge of the exterior architecture on the project. Studio Outside's Jessica Clements and Scott & Reid's Phil Vanderhill also worked on the project.