Invesco could move to Uptown from iconic downtown Dallas tower

Another major office tenant plans to move from downtown Dallas to Uptown, further threatening one of downtown's most iconic buildings.

Atlanta-based investment manager Invesco Ltd. (NYSE: IVZ) plans to build out two floors of office space in The Union totaling 58,464 square feet, according to a filing with the Texas Department of Licensing and Regulation. The estimated cost to build out the offices is $1.5 million, according to the filing.

Invesco currently has 52,068 square feet of offices on floors 33 and 34 of downtown's Trammell Crow Center, according to Partners research.

Representatives for the company did not immediately respond to a request for comment.

The firm will join some of the biggest names in finance, from Deloitte to Bank of America, in leaving behind downtown for new space in Uptown.

Completed in 2018, The Union is an 800,000-square-foot, three-building mixed-use development. It features a 22-story office tower with 417,000 square feet of space, a 309-unit high-rise apartment complex reaching 23 stories 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, Partners research shows. However, Goldman Sachs will leave 300,000 square feet in the building for new offices under development in the nearby North End project, set to open in 2027.

If Invesco and Goldman Sachs aren't replaced, the flagship downtown building will be left only 62% leased.

The Union is one of the biggest new developments in Uptown. RED Development sold the office and retail components of the project to South Korean firm KB Asset Management for an estimated $370 million in 2020. The deal was heralded at the time as a per-square-foot record.