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Another major office tenant plans to move uptown from downtown Dallas, further threatening one of downtown's most iconic buildings.
Atlanta-based investment management firm Invesco Inc. (NYSE:IVZ) plans to build 58,464 square feet of office space on two floors at The Union, according to a filing with the Texas Department of Licensing and Regulation. . The estimated cost to build the office is $1.5 million, according to the application.
Invesco currently has a 52,068-square-foot office on the 33rd and 34th floors of the Trammell Crow Center downtown, according to a study by Partners.
Representatives for the company did not respond to requests for comment.
The company will join financial industry giants from Deloitte to Bank of America in leaving downtown and building new space uptown.
Completed in 2018, The Union is an 800,000 square foot, three-building mixed-use development. It features a 417,000-square-foot 22-story office tower, a 23-story, 309-unit residential tower, and 87,000 square feet of retail.
Salesforce previously occupied Invesco's future space, according to Partners research.
Trammell Crow Center is currently 91.3% leased, according to Partners research. But Goldman Sachs plans to keep 300,000 square feet in the building for new offices it is developing in its nearby North End project, scheduled to open in 2027.
If Invesco and Goldman Sachs are not replaced, only 62% of the leasehold interest in the downtown flagship building will remain.
Union is one of the largest new developments in Uptown. RED Development sold the project's office and retail facilities to South Korean company KB Asset Management in 2020 for an estimated $370 million. The deal was talked about at the time as a record per square foot.
