An investment fund created by Austin billionaire Michael Dell is financing Uptown Dallas’ Quadrangle redevelopment.
Dallas’ Stream Realty Partners broke ground last week on the project, which will add a 12-story office tower and new retail space at the property near McKinney Avenue.
Stream Realty has been working on the $100 million project since it bought the Quadrangle in 2019.
Built in 1966 as a Southwestern-style compound of unique shops and small office spaces, the mixed-use project on Routh Street near Turtle Creek has gone through several renovations. A redevelopment in the 1980s added an office building and changed the original exteriors of most of the buildings.
MSD Partners LP, a New York-based investment company that represents the Dell Technologies CEO and his family, provided the construction financing for the 3.8-acre Quadrangle development, according to Jones Lang LaSalle.
JLL’s Colby Mueck, Jim Curtin, De’On Collins, Rex Cruz and Kristi Leonard worked on the financing.
The project is set to open in the first quarter of 2024.
The Quadrangle is one of two major Dallas real estate developments Dell’s MSD Partners is backing.
MSD Partners has teamed up with Trammell Crow Co. and The Retail Connection on an even larger mixed-use development on Knox Street that will include luxury residential units, a boutique hotel, retail, offices and a new park.
Dell’s investment firm purchased several blocks of buildings in the Knox Street district at the edge of Highland Park in 2018.