Fortress Investment Doubles Down on DFW
Fortress Investment Group LLC has a growing North Texas presence with more than 50 employees based in its Irving office. The investment manager recently signed a 47,850-square-foot lease at Weir’s Plaza, a mixed-use retail and office development in the Knox-Henderson neighborhood. The firm will maintain its Irving office following the opening of Weir’s Plaza.
The Weir’s Plaza development broke ground in July 2019 and is scheduled to open in November 2021. Fortress executives Drew McKnight and Josh Pack, co-chief investment officers and managing partners of the firm’s credit business, will be based in the new Weir’s Plaza location.
“This announcement underscores our long-term commitment to the North Texas region,” said McKnight. “Our office in Weir’s Plaza is a perfect complement to our existing location in Irving and will provide flexibility for the continued organic growth that we anticipate in our credit business.”
Weir’s Plaza is being developed by Four Rivers Capital on the former location of Weir’s Furniture store at 3219 Knox St. The 12-story building will have six levels of underground parking.
“We saw record demand from limited partners over the past year across our credit strategies and looking ahead, we see a very fertile landscape for new investments,” said Pack. “Expanding our presence in Texas will support the continued achievement of our most fundamental objectives ─ delivering exceptional returns and service for our limited partners.”
Tommy Nelson and Dennis Barnes with CBRE’s office leasing team in Dallas represented the landlord, Dallas-based Four Rivers Capital. Howard Grufferman, Billy Vahrenkamp and Brad Balke with Colliers, and Jeff Ellerman and John Ellerman with CBRE co-represented Fortress in the lease.
“This signals Dallas’ strong appeal to companies as they evaluate their location strategy,” said Nelson. “Knox District is one of the most vibrant areas in Dallas and, with the existing tenant roster and amenities, will serve as the perfect location for Fortress to build on its significant presence in North Texas.”