Neglected No More: Shabby Texas Buildings Renovated

In downtown Dallas, office towers like the 72-story Bank of America Plaza, 55-story Chase Tower, 50-story Thanksgiving Tower and others have been remodeled, costing their owners tens of millions of dollars to keep these 1980s skyscrapers relevant.

"It’s estimated that there are over 500 million sf of underperforming commercial property in the U.S. right now," said Patricia Hauserman, senior vice president of Tishman Construction Corp.

John Mooz, an executive developer with Hines, helped remodel a relatively unchanged 1960s office tower in Houston that had no parking. After $15 million in improvements, Hines almost doubled its money when the property was sold.

Upgrades such as these can be costly. "Fortunately," said Hauserman, "the return on investment is such it makes it very attractive."