News & Insight

March 6th, 2015 by

The term “sharing economy” has been tossed around with increasing frequency over the past couple of years. The rise of AirBnB, Uber and innumerable similarly focused websites and companies which provide opportunities to share everything from your vacuum to your clothes, has prompted a surge in debate concerning if, or when, the sharing trend will end.

We posit the trend is not a trend at all, but a dramatic and important societal shift, signifying a major change in lifestyle and values brought on in equal parts by the technology of the Internet, and the financial and emotional consequences of the Great Recession.

With Uber’s market cap larger than FedEx and Delta, and Airbnb’s nearly half that of Hilton Worldwide, it is not vital at this point to decisively determine whether it is truly a shift, or simply a trend. Whatever it turns out to be, ignore it at your own risk.

But how does, or could, the sharing model apply to the highly regulated world of commercial real estate?

In a recent contribution to D Magazine’s D Real Estate Daily, Mike Ablon considers the sharing economy and how, perhaps, the commercial real estate industry could learn from its assumptions.

Read the full blog on DMagazine.com or download a PDF version here.

 

February 11th, 2015 by

The Challenge

Katy Trail Place is a three-story office building located in the heart of Uptown, Dallas’ premier retail and office submarket. The building is located adjacent to the Katy Trail, minutes from major highways and situated with convenient access to dozens of restaurants, shops and residential neighborhoods.

Although when ownership acquired the building in 2007 it was 85% leased, the property was set to experience significant turnover in subsequent years with 60% of the building’s rent roll expiring in 2010 and an additional 25% expiring in 2011, establishing a significant leasing challenge in the heart of 2010’s financial crisis.

The Strategy

PegasusAblon joined the asset team in 2010, just as the rent roll was beginning to expire and the financial crisis was in full swing. In order to lease the compounding vacancy in the first two years of ownership while mitigating the risk for future exposure, we launched a two-fold strategy which consisted of a series of highly visible building improvements and a rebranding plan which would focus the building’s marketing efforts on its unique and highly desirable location adjacent to the Katy Trail in the heart of Uptown. Repositioning efforts have included changing the building’s name from 3535 Travis to Katy Trail Place, developing a new website and installing new monument signs.

Building improvements have included a renovated parking garage and lobby, improved on-site food options with a self-service deli and vending room and the addition of locker rooms and showers in the building’s restroom to allow tenants to run/walk/bike to work on the Katy Trail.

The Results

Despite the financial crisis of 2010, PegasusAblon was able to minimize the results of past leasing missteps and within three years, gain enough leasing traction to not only re-sign key tenants (who were being aggressively courted by competitors) at market rates, but also stabilize building occupancy near 100% while adding value during a time of financial uncertainty when many nearby investments failed.

Download the full case study here and visit katytrailplace.com for more information on the building and available space.

January 20th, 2015 by

Here at PegasusAblon HQ we spend a lot of time talking about the idea of “place,” what it is, how to create it and how to preserve it. We’re fortunate in that we had a once in a lifetime opportunity to put our ideas into practice with the redevelopment of the Dallas Design District. We’re also fortunate to live and work in Dallas, a city in which the notion of creating a sense of place has gained a great number of supporters in recent years. That means the conversation amongst developers in urban Dallas consistently touches on preservation, experience and above all, creating and maintaining disparate pieces of the city which together compose an exciting and united whole.

At the end of 2014 Mike Ablon, our principal, sat on a panel with Scott Rohrman and David Spence, two visionaries working to consciously redevelop the historic Deep Ellum and Oak Cliff neighborhoods respectively. The panel was hosted by D Academy at Old Parkland, another excellent example of redevelopment which conscientiously attempts to maintain its history, and topics ranged from the Dallas Design District, Deep Ellum and Oak Cliff, to the future of Dallas and what makes a city great.

You can read the full transcript of the talk on DMagazine.com and our website.

 

January 7th, 2015 by

PegasusAblon announced yesterday that we would be renaming our office building at 3535 Travis Katy Trail Place in order to better market the building’s prime location adjacent to the Katy Trail.

Steps away from the Katy Trail and hundreds of restaurant, retail and lifestyle amenities, Katy Trail Place provides the visibility and accessibility tenants want. The three-story office tower offers tenants first-class amenities including covered parking in a secure garage, on-site deli and shower facilities, courtesy officer and more.

With the new name, we hope to communicate to tenants, and potential tenants, the building’s unique setting and enviable base of amenities, both on-site and off.

For more information on available space at Katy Trail Place visit our website, KatyTrailPlace.com.

January 5th, 2015 by

The Dallas Design District once again graces the cover of D Magazine this month thanks to a cover story by arts editor Peter Simek. In “How the Design District Was Reborn,” Simek traces the history of the neighborhood from its birth after the Trinity River flood of 1908, up until its recent purchase by Dunhill Partners.

Simek is well-versed in both the history and culture of the neighborhood, having reported on the developments there numerous times in recent years, including in a profile of PegasusAblon Principal Mike Ablon when PegasusAblon began work on our master plan for the neighborhood.

The piece chronicles the neighborhood’s rise from floodplain, to warehouse district, to the present and its status as a revitalized, and booming mixed residential and commercial neighborhood.

Read Simek’s full story here.

 

December 3rd, 2014 by

As most know, a little over a month ago Louise Troh lost her fiancée Thomas Eric Duncan to Ebola. As some may also know, Troh and her children lost all of their property after being released from quarantine and had difficulty finding a leasing office that would lease a home to her and her family after losing their apartment.

Thanks to the beneficence of fellow church-goers at Dallas’ Wilshire Baptist Church, Troh is now leasing a condo and thanks to local non-profit Dwell with Dignity, Troh and her children now have a beautiful and functional home in which to live.

PegasusAblon has been a proud sponsor of Dwell with Dignity from the very beginning. The Dallas-based nonprofit’s goal is to “bring good design to those less fortunate,” operating under the belief that a pleasant and pleasing home environment can serve as an inspiration to assist people in escaping poverty and homelessness.  Thanks to generous donations of money, time, and most importantly, furniture and home goods, Dwell with Dignity is able to transform dozens of homes in the Dallas area each year into beautiful residences, while educating the home’s inhabitants on the benefits of art, design and more.

Dwell with Dignity’s beautiful transformation of the Troh’s new home is just one of many generous deeds the nonprofit is able to accomplish each year and we could not be more proud to support them in their work.

To read more on Dwell with Dignity’s transformation of the Troh’s home and to see pictures, visit DMagazine.com’s profile of the home.

November 10th, 2014 by

In a city full of fascinating neighborhoods, the Dallas Design District has carved out an identity all its own. Eclectic yet upscale, the Design District is a key piece of Dallas’ cultural fabric, serving as home to one of the largest consolidated collections of interior design showrooms in the world, a selection of Dallas’ highest-rated restaurants, cutting-edge art galleries and some of the city’s most in-demand multifamily communities. It’s hard to believe it’s only been ten years since Crow Holdings set the wheels in motion for what the Lionstone Investments and we, here at PegasusAblon, would steward into becoming one of the most successful large-scale redevelopments in Dallas history. Harder still to believe that after seven years calling the Design District home, it would be time for us to hand over the reins to someone else, letting a new vision and new leadership guide the area into what we’re certain will be a great future for this iconic Dallas neighborhood.


Read More »

October 13th, 2014 by

PegasusAblon Principal Mike Ablon was featured in the Fall edition of the Dallas – Fort Worth Real Estate Review thanks to his involvement in The Real Estate Council’s Associate Leadership Council (ALC) program. After graduating from the program in 1997 Mike continued his involvement in the ALC program, further developing the initiative for incoming fellows.

The Dallas-Fort Worth Real Estate Review is a quarterly publication released by The Real Estate Council and the Dallas Regional Chamber.

Click here to download a PDF of the profile.

October 2nd, 2014 by

All the pieces are coming together in the Dallas Design District, at least that’s what D Home’s recent feature on the multi-use neighborhood asserts. D Home’s September/October feature on the neighborhood featured interviews with PegasusAblon Principal Mike Ablon as well as PegasusAblon tenants such as Ascension Coffee’s Russell Hayward and Holly Hunt’s Nancy Winston.

The piece discussed the maturing fabric of the Design District just as we at PegasusAblon prepare to end our time heading up this most recent redevelopment of the exciting neighborhood.

“It’s suddenly there, mature.” Ablon says in the piece, “Every component is healthy. That is rare. That speaks to the depth of the area and its future.”

Download the full D Home story here.

August 18th, 2014 by

PegasusAblon has announced that they have formed a joint venture with Behringer to develop The Ablon at Frisco Square, a luxury 275-unit multifamily community which will be located in the heart of Frisco Square, a mixed-use area north of Dallas. The Ablon at Frisco Square will be developed by PegasusAblon and is expected to be ready for first occupancy in the fourth quarter of 2015.

Residents of The Ablon at Frisco Square will have access to high-end amenities including an elegant clubhouse featuring a kitchen, fireplace and television; a resort style, bi-level pool surrounded by poolside cabanas and an outdoor kitchen; and a 24-hour fitness center with state-of-the-art cardio equipment. All apartments will be designed for maximum efficiency and feature granite countertops, hardwood flooring, stainless steel appliances and PegasusAblon’s trademark technology package including Wi-Fi and surround-sound speakers.

Like the higher floors, the first level of the property will be comprised of apartments. However, the first level was designed with 14-foot ceilings and an architectural style that will blend organically with neighboring mixed-use buildings. An outdoor plaza will function as an extension of the public park in front of the neighboring Frisco City Hall, providing a seamless connection to the surrounding neighborhood.

Frisco Square is a 147-acre master-planned development expected to encompass up to 4.4 million square feet of office, retail, multifamily and municipal facilities. Located at the intersection of the Dallas North Tollway and Main Street (FM 720), Frisco Square is home to amenities including restaurants and entertainment options; apartments and a medical center; and Toyota Stadium and Toyota Soccer Center, one of the top venues in the United States for both professional and amateur soccer, and the home stadium of FC Dallas.

Read more on the project in the Dallas Morning News.