Q2 2023 DFW Office Market Report

DFW OFFICE Market Experts

Dallas Featured Property THE BERKSHIRE

Fort Worth Featured Property

DFW OFFICE Facts & Figures

DALLAS CBD

CURRENT EVENTS

One of downtown Dallas’ largest skyscraper redevelopments is set to welcome its first apartment residents starting next month. Pacific Elm Properties and Mintwood Real Estate have converted 11 floors of the 50-story Santander Tower at 1601 Elm Street into luxury rental units. They have begun leasing for the apartments, called Peridot, and expect them to be ready for move-in starting in July.

A local law firm is headed to new digs in Dallas’ tallest tower. Simon Greenstone Panatier P.C. is leasing more than 28K SF in the Bank of America Plaza, Main Street. The firm founded in 2006 is moving from Renaissance Tower. “We are incredibly excited about this move,” managing partner David Greenstone said in a statement. “It is the perfect location for our firm to continue to grow so that we can continue the important work that we are doing on behalf of our clients.”

Fortis Property Group is gearing up for a multimillion-dollar makeover for Chase Tower in Downtown Dallas. The 55-story skyscraper will be renamed Dallas Arts Tower and will receive a new lobby and two new restaurants, according to a news release. Construction is expected to start in late summer, with completion in early 2024.

A new office tower just east of downtown Dallas has landed a tenant. The Epic II tower at 2500 Pacific Avenue was built to house a huge regional office for the transportation firm Uber. But Uber never moved into the bulk of its space in the half a million-square-foot Deep Ellum high-rise. Now a design firm is moving its Dallas studio into the building.

Dallas’ Design District is sprouting a new crop of construction cranes. Developers are building a series of major office and apartment projects in the area northwest of downtown. The neighborhood that got its start in the 1950s as a riverside industrial district later became an address for design firms that wanted showrooms near the wholesale trade marts along Stemmons Freeway. More than a decade after the first apartment developers landed in the Design District, another wave of construction is bringing the kind of offices and luxury rental highrises that would be at home in the nearby Uptown area.

A tower in Dallas is on the list of downtown buildings heading for a residential conversion. The 211 North Ervay high-rise is known for its bright exterior of azure and aquamarine blue panels. Built in 1958, the office building sat empty for years before a renovation in 2014. The midcentury tower gained a following after a previous Dallas mayor declared it downtown’s worst eyesore and called for the wrecking ball. Preservationists cite the building at Ervay and Elm streets as one of the best examples of the city’s colorful 1950s architecture. A new owner plans to keep the tower’s vibrant exterior while transforming the interior space into housing. Wolfe Investments acquired the 187K SF tower with plans to redevelop the property into 238 rental units.

TOP LEASE TRANSACTIONS

• Simon Greenstone Panatier signed a 28.4K SF lease at Bank of America Plaza, located at 901 Main Street, Dallas, Texas 75202.

DEALS IN THE MARKET

• Landmark Center is being marketed for sale by JLL. Spear Street owns the 131,320 SF building, which is 17% leased. This deal was awarded to an owner/ user in May and is currently U/C.

NEW DEVELOPMENTS

• Field Street Tower | 2012 N Field Street – A 529K SF class A office district (proposed)

• Field Street District - Phase I | 1100 McKinney Avenue – A 500K SF class A office tower (proposed)

• Field Street District - Phase II | 1012 McKinney Avenue – A 500K SF class A Office tower (proposed)

• 555 S Pearl | 555 S Pearl Expressway – A 486K SF class B office tower (proposed)

• 2500 Ross Avenue – A 425K SF class A office tower (proposed)

• Two Arts Plaza | 1900 Routh Street – A 283K SF class A office tower (proposed)

VITAL STATS

LARGE EXISTING VACANCIES

• Renaissance Tower | 1201 Elm Street –622,880 SF

• Fountain Place | 1445 Ross Avenue –589,268 SF

• Field Street Tower – 529,038 SF

• Field Street. District - Phase 2 –500KSF

• Field Street District - Phase 1 – 500K SF

• 555 S Pearl Expressway – 486K SF

• Energy Plaza | 1601 Bryan Street –400K SF

• Bank of America Plaza | 901 Main Street – 314,729 SF

• Two Arts Plaza – 296,800 SF

• 1700 Pacific | 1700 Pacific Avenue –270,822 SF

• Bryan Tower | 2001 Bryan Street –226,975 SF

• Dallas Arts Tower – 193,203 SF

• Harwood Center | 1999 Bryan Street –187,728 SF

• Comerica Bank Tower | 1717 Main Street – 148,025 SF

• East Quarter | 300 S Pearl Expressway – 136,245 SF

• Radiance Plaza | 1301 Young Street –117,673 SF

• One Main | 1201 Main Street – 115,410 SF

CENTRAL EXPRESSWAY

VITAL STATS

CURRENT EVENTS

TOP LEASE TRANSACTIONS

• Witherite Law Group signed a 71.6K SF Renewal/Expansion at Meadow Park Tower, 10440 North Central Expressway, Dallas, Texas 75231.

• Goodnight Water Solutions renewed 20.8K SF at Premier Place, 5910 North Central Expressway, Dallas, Texas 75206

DEALS IN THE MARKET

• 8750 NCX (The Towers at Park Lane) is being marketed for sale by CBRE. CBREI owns the 509,818 SF building, which is 71% leased. Multiple offers were received in late May and Seller currently evaluating offers to determine the next steps.

NEW DEVELOPMENTS

• The Central – A 500K SF class A office tower (proposed)

• Energy Square 4 – A 400K SF class A office tower (proposed)

• The Ivy – A 265K SF class A office tower (proposed)

• The Tower at Preston Hollow Village – A 260K SF class A office tower (proposed)

LARGE EXISTING VACANCIES

• 2828 N Haskell Avenue – 475K SF

• Energy Square 4 – 400K SF

• Cityplace Tower – 270,104 SF

• The Tower at Preston Hollow Village –250K SF

• The Ivy – 191,050 SF

• 8750 NorthPark Central – 143,926 SF

• 8080 NCX – 133,793 SF

• Walnut Glen Tower – 101,392 SF

• One Lincoln Park – 91,477 SF

A Chicago-based commercial property firm has just wrapped up a makeover of a North Dallas office tower. The redo of the Premier Place high-rise on North Central Expressway is Glenstar Properties’ third recent office redevelopment in North Texas. The 20-story Premier Place building is adjacent to the Mockingbird Station mixed-use project and just east of Southern Methodist University. Glenstar has owned the building since 2019, paying a reported $140 million for the highprofile property. The 457,900 SF office tower at 5910 North Central opened in 1985 and was last renovated in 2014.

Investors looking for a Class-A Dallas office building with staggering views of Central Expressway traffic is in luck. The rebranded Tower at Park Lane, the glass building just off the interstate with TopGolf displayed on it, is up for grabs. CBRE acquired the 20-story building in 2017 and is now looking to offload the highprofile office tower, according to a marketing brochure. No price information was listed but the taxable value of the 509K SF building was $115 million in 2022, according to the Dallas Central Appraisal District. The tower is located at 8750 North Central Expressway next to the Shops at Park Lane and just across from U.S. Highway 75 from North Park Center. The building is 7 miles north of downtown Dallas and a few blocks from high-end residential neighborhoods like Preston Hollow and University Park.

FAR NORTH DALLAS CURRENT EVENTS

A mixed-use development redo in Far North Dallas is nearing completion after its announcement almost three years ago. Triten Real Estate Partners revamped the property at 5455 Belt Line overlooking Prestonwood Country Club. The Houston-based real estate firm bought the property west of Preston Road in 2019 with plans to develop it into a combination of office and retail space called Work/Shop. Construction began in 2021. At a time when fewer commercial properties are changing hands, a Far North Dallas office campus that just hit the market is going to attract a lot of attention. More than 170,000 commuters a day pass by the Tollway Plaza on Dallas Parkway near Keller Springs Road. The two-building, more than 370K SF office complex is almost 84% leased with major tenants including Armanino, Alliant Insurance, Axxess Technology, and Ryan Transportation. Jones Lang LaSalle is marketing the eightstory buildings for sale.

TOP LEASE TRANSACTIONS

• Preston Forrest Capital signed a new 4K lease at Workshop South, 5495 Belt Line Road Dallas, Texas 75254.

• ResMan signed a 22.2K SF renewal in Parkway Centre I, 2901 Dallas Parkway, Plano, Texas 75093.

DEALS IN THE MARKET

• Parkway Plaza I & II is being marketed for sale by CBRE. Hartman owns the 136,506 SF buildings, which are 71% leased. This deal was recently awarded to an out-of-state investor.

• Bent Tree Green is being marketed for sale by JLL. Hartman owns the 139,609 SF building is 71% leased. This deal was awarded to a group last week but has not gone Under Contract yet.

• Liberty Plaza I & II is being marketed for sale by Newmark. Franklin Street Properties owns the 216,834 SF office buildings, which are 78% leased.

• Interchange Office Center is being marketed for sale by JLL. Brookwood Financial Partners owns the 150,596 SF office building, which is 86% leased.

• Tollway Plaza is being marketed for sale by JLL. Buchanan Street owns the 370,624 SF office buildings, which are 85.0% leased.

• One Legacy Circle is being marketed for sale by CBRE. Franklin Street Properties owns the 214,110 SF building, which is 71% leased. CBRE generated 13 bids and is currently working through Best & Final offers.

• Parkway Office Centre IV is being marketed for sale by Newmark. Goldman Sachs owns the 174,322 SF building, which is 85% leased.

NEW DEVELOPMENTS

• The Link at Fields Frisco | Legacy Drive & PGA Parkway – A 2M SF class A office complex (proposed)

• IBP 190 | Highway 190 & Midway Road - Building 1,2,3 – A 1M SF class A office park (proposed)

• The Offices at The Gate | 4205 Dallas Parkway –A 1M SF class A office complex (proposed)

• 15555 N Dallas Parkway – A 504K SF class A office building (proposed)

• Tate + Toll | SEC of Warren Parkway & Dallas N Tollway – A 500K SF class A office building (proposed)

• Destination Drive A – A 500K SF class A office building (proposed)

• The Tower at Hall Park | 6605 Warren Parkway –A 496K SF class A office building

VITAL STATS

• Legacy West Office Tower | NEC Windrose Avenue – A 450K SF class A office building (proposed)

• Parkside III in Legacy Drive – A 440K SF class A office building (proposed)

• Granite Park Six | 5525 Granite Parkway – A 422K SF class A office building

• Two Legacy West | 7950 Legacy Drive – A 414K SF class A office building (proposed)

• Ryan Tower | 8101 Windrose Avenue – A 409K SF class A office building

• TCC Legacy | 6200 Legacy Drive – A 406K SF class A office building (proposed)

• Legacy Union Three | Legacy Circle – A 328K SF class A office building (proposed)

• 6301 Headquarters | 6301 Headquarters Drive –A 304K SF class A office building (proposed)

• The Star | Phase IV | 17 Cowboys Way – A 299K SF class A office building

• Platinum Tower | 6899 Dallas Parkway – A 275K SF class A office building (proposed)

• International Business | 6275 W Plano Parkway –A 240K SF class A office building

• Southstone Yards | NEC Spring Creek Parkway & State Highway 121 – A 235K SF class A office building

• Fourteen555 – South Building | 14545 N Dallas Parkway – A 239K SF class A office building (proposed)

• Four Corners | President George Bush Highway & N Dallas Tollway – A 200K SF class A office building (proposed) Plaza at Legacy II | 5465 Legacy Drive – A 200K SF class A office building (proposed)

• IBP 19 | W Plano Parkway – A 187K SF class A office building (proposed)

• North Dallas Parkway and McCandless Way – A 150K SF class A office building (proposed)

• Austin Ranch South | 5001 Plano Parkway – A 150K SF class A office building (proposed)

• The Enclave in Frisco | 6600 TX-121 – A 120K SF class A office building (proposed)

LARGE EXISTING VACANCIES

• 5400 Legacy Drive – 1,587,458 SF

• CALWest – 1,071,344 SF

• The Campus at Legacy – 500,864 SF

• Granite Park Six – 354,698 SF

• 5600 Headquarters Drive – 251,478 SF

• Southstone Yards – 241,443 SF

• 6400 Legacy Drive – 227,577

• 4101 International Parkway – 205,750

FORT WORTH CBD

VITAL STATS

CURRENT EVENTS

Fort Worth has closed the books on the $18M purchase of the Central Library, setting up a development that could bring a new chapter of change to the area on the west side of downtown.

TOP LEASE TRANSACTIONS

• An undisclosed Bank has signed a lease for 5,473 SF at 100 E 15th Street, Fort Worth, Texas 76102.

• Sproles Woodard has signed a lease for 5,816 SF to renew at 777 Main Street, Fort Worth, Texas 76102.

• Ghafari Associates has signed a 2,405 SF lease to renew at 300 Throckmorton Street, Fort Worth, Texas 76102.

DEALS IN THE MARKET

• 512 W 4th Street is being marketed for sale by Lancarte Commercial Real Estate. The YMCA owns the 31,537 SF class B office building.

• 1112-1114 E 1st Street is being marketed for sale by Vasseur Commercial Real Estate. Meyer, Jason & Mia own the 4,200 SF class B office building.

• 500 E Belknap Street is being marketed for sale by Colonial Commercial Real Estate, LLC.

• Forward Fort Worth River Project, Ltd. owns the 3,806 SF office building.

LARGE EXISTING VACANCIES

• 801 Cherry Street | Burnett Plaza – A 251,833 SF class A vacancy

• 777 Main Street | 77 Main – A 170,863 SF class A vacancy

• 301 Commerce Street | Bank of America Tower – A 99,979 SF class A vacancy

• 210 E 7th Street | Binyon-O’Keef Building – A 82,226 SF class B vacancy

• 100 Throckmorton Street | Two City Place – A 79,838 SF class A vacancy

While plans are still in the preliminary stages, Dart Interests LLC, a Dallasbased firm specializing in real estate investment and development, expects to build a multi-story, mixed-use development on the site with residential, retail, and office space. The sale was initially announced in December but didn’t officially close until May. The released renderings show two(2) 20-story buildings which would add a new appeal to Fort Worth’s skyline, said David Berzina, vice president of JLL Fort Worth. “Additionally, this sale not only sets a new benchmark for commercial land sales in downtown Fort Worth but also reflects the immense value and potential of the Fort Worth market,” he said. The price tag for the project is likely to exceed the $200M city officials were hoping to see for the development, JLL officials said.

The two (2) towers would replace the current 234K SF building at 500 W 3rd Street that has housed the Central Library since 1978. The city listed the building in February 2022 pointing to a 45% decrease in usage since the 2020 pandemic and decreasing use of the building over time. That mirrored library usage trends around the country. The listing required prospective buyers to invest at least $100M into the property and redevelop the area as a mixed-use project. The Dart Interests project is expected to exceed that, officials at JLL said. “We look forward to working with the city and its downtown residents and workforce to bring to life a development that gives more people the opportunity to live, work, play, and experience all that Fort Worth has to offer,” said Christopher Kelsey, Dart Interests president, in a statement.

A landmark Fort Worth building is joining the list of North Texas offices planning a transition to residential. The 19-story Star-Telegram Building was built in 1929 and until recently housed operations of the Fort Worth newspaper. The office building is connected to the adjoining Oil & Gas Building, which was constructed in 1954. Dallas-based Bluelofts Inc. bought the 16-story Oil & Gas Building in January and just purchased the StarTelegram Building. “We wanted to own both of them,” said Bluelofts’ Ike Bams. “It has the same lobby and there is a lot of connected infrastructure.” Between the two buildings, the developers are planning 268 residential units. Part of the Star-Telegram building will continue to be used for office space. Together, the buildings contain about 440K SF. The latest purchase will give the developers the entire stretch along West Seventh Street. Bluelofts has worked on several office renovations and is converting the former AT&T building in downtown Cleveland. Wolfe Investments recently purchased the midcentury 211 N Ervay Tower in downtown Dallas, which will be redeveloped into apartments. It also acquired the landmark 400 N Ervay apartments on top of downtown’s historic Post Office in 2021.

LAS COLINAS

CURRENT EVENTS

West Shore Home, a rapidly growing home improvement company with branches in Dallas, Austin and Houston, cut the ribbon for its new western headquarters in Irving Wednesday morning. Its new 80K SF headquarters in the Las Colinas area will serve as the home base for all the company’s business west of the Mississippi River.

The trend of converting office buildings to apartments has generated a lot of buzz, but a growing need for more lab space in DFW could also present an opportunity to revive defunct real estate. A record number of officeto-lab conversions is underway in the U.S., comprising about a third of the life sciences construction pipeline and 12.5M SF, according to CBRE. A couple of years ago, Lyda Hill Philanthropies and J. Small Investments unveiled Pegasus Park, a 25-acre life sciences development on the site of the former Exxon Mobil campus. Its anchor tenant, BioLabs, is a 37K SF coworking laboratory that includes wet labs and office space. BioLabs was an immediate success, quickly leasing up with tenants using the lab as an incubator space.

Pegasus Park is now gearing up for a 135K SF expansion, and the Dallas Morning News reported it is also being pitched as a candidate for the federal government’s new biomedical research agency. Dallas is considered an emerging market for life sciences, according to JLL, mainly due to its proximity to dozens of colleges and universities that pump out thousands of potential employees. More than 220 life sciences companies have relocated or expanded in DFW since 2010, and the Dallas Regional Chamber estimates there are about 90,000 existing life sciences and biotech jobs currently in the Metroplex, according to The Real Deal.

With the start of Wells Fargo’s almost $500M campus in Irving, project developer KDC is on familiar ground. The Dallasbased developer has built more corporate offices in Las Colinas than any other builder. Its impressive corporate development roster includes major facilities for Citigroup, Pioneer Natural Resources, IBM, FedEx, and Fluor. “We’ve done 12 projects here with almost 5M SF,” said KDC CEO Steve Van Amburgh. “It’s been over 25 to 30 years.”

TOP LEASE TRANSACTIONS

• Texas AirSystems signed a 103K SF lease at Royal Ridge II, located at 8081 Royal Ridge Parkway in Irving, Texas 75063. Texas AirSystems will be leasing the entire building.

• Acquire BPO signed a new 17K lease at 3660 Regent Boulevard, Irving, Texas 75063.

• Insperity signed a 45K SF lease in Cypress Waters.

• InTake On Demand signed an 8K SF expansion at Cottonwood Office Center at 2100-2120 W Walnut Hill Lane, Irving, Texas 75038.

DEALS IN THE MARKET

• One Panorama Center is being marketed for sale by Colliers. Regent Properties owns the 208,450 SF building, which is 71% leased.

• 4200 Regent is being marketed for sale by Cushman & Wakefield. Property Income Advisors owns the 164,375 SF building, which is 36% leased. This was awarded to a local Buyer but has not gone under contract yet.

• Corporate Point at Las Colinas is being marketed for sale by Cushman & Wakefield. The 223,498 SF building is currently owned and occupied by Gainwell Technologies. This deal was recently awarded to an HNW individual who is willing to parcel off and sell the adjacent land.

• Westway One is set to hit the market with CBRE later this month. Hartman owns the 165,982 SF building, which is 83% leased.

• Las Colinas Highlands is being marketed for sale by Cushman & Wakefield. Cawley Management owns the 200,167 SF building, which is 90.4% leased.

• Fuller Ridge is being marketed for sale by JLL. Goddard owns the 285,467 SF office buildings, which are 66% leased.

NEW DEVELOPMENTS

• Project Blue Star – A 2M SF class A office park (proposed)

• Freeport Commons – A 1.2M SF class A office park (proposed)

• 750 W John Carpenter Freeway | Phase II – A 330K SF class A office building (proposed)

VITAL STATS

• 3300 Olympus – A 300K SF class A office building

• 9650 Locke Street – A 279K SF class A office building (proposed)

• Royal Tower | 1101 W Royal Lane – A 275K SF class A office building (proposed)

• 9100 Cypress Waters Boulevard | Building D –A 250K SF class A office building (proposed)

• Mercer Business Park – A 200K SF class A office building (proposed)

• Las Colinas Corporate Center III – A 200K SF class A office building (proposed)

LARGE EXISTING VACANCIES

• Exxon Mobil HQ – 379K SF

• 6000 Connection – 292K SF

• Horizon Way Business Park – 287K SF

• 8900 Freeport Parkway – 268,446 SF

• One MacArthur Ridge – 250K SF

• Royal Tower – 220K SF

• Regent Commons – 215K SF

• Intellicenter Dallas – 190K SF

• Browning Place III – 171K SF

• Las Colinas Commons – 152K SF

• 6031 Connection Drive – 139K SF

• 3929 WJC – 125,421 SF

• Carpenter Corporate Center 2 – 111,825 SF

• Carpenter Corporate Center 1 – 111,795 SF

• 8840 Cypress Waters Boulevard – 108,502 SF

• Williams Square (West Tower) – 108,220 SF

• Freeport Business Center 1 – 105,261 SF

• 350 E Royal Lane (Building 4) – 103,311 SF

CURRENT EVENTS

VITAL STATS

TOP LEASE TRANSACTIONS

• Bridge Tower Properties signed a 16.6K SF lease at Three Lincoln Centre, located at 5430 LBJ Freeway, Dallas, Texas 75240.

• Forvis signed a new 30.7K lease at International Plaza 2, 14221 Dallas Parkway, Dallas, Texas 75254.

• Bridge Tower signed a 20K SF lease at Three Lincoln Centre, 5430 Lyndon B Johnson Freeway Dallas, Texas 75240.

DEALS IN THE MARKET

• The Crossings I is being marketed for sale by JLL. Goddard Investments owns the 232,541 SF office building, which is 88% leased. Goddard is willing to provide 60% Seller Financing at a 5.0% interest rate. Offers are due later this week.

• NCP I is being marketed for sale by CBRE. Hartman owns the 204K SF building, which is 79% leased. This deal was recently awarded to an Owner/ User.

NEW DEVELOPMENTS

• Four Lincoln Centre – A 400K SF class A office building (proposed)

• Park Tower at Dallas Midtown – A 377K SF class A office building (proposed)

• The Inwood at Alpha West – A 330K SF class A office building (proposed)

LARGE EXISTING VACANCIES

• Four Lincoln Centre – 401,629 SF

• Park Tower at Dallas Midtown – 376,870 SF

• 7171 Forest Lane – 180K SF

• Park Central 8 – 173,744 SF

• One Lincoln Centre – 100,501 SF

• Northpoint Plaza II – 92,694 SF

• Three Galleria Tower – 89,208 SF

Construction is set to start this summer on one of Plano’s last farm tracts. The pioneer Haggard family has owned the property since the mid-1800s along what is now the Dallas North Tollway. In 2021, the family got city approval to develop 142 acres they own on Spring Creek Parkway east of the tollway. Haggard Enterprises Ltd. and Dallas developer Stillwater Capital plan to build a mixed-use project with office, retail, hotel, and residential construction. The first phase will be an office building and parking garage. The $20M, 189K SF development is scheduled to open at the end of 2024, according to planning documents filed with the state.

A recently renovated Dallas office building is on the market. The Crossings I building is hard to miss on LBJ Freeway just east of the Galleria. Built in 1986, the almost 233K SF high-rise at 5429 LBJ Freeway is almost 90% leased. Tenants in the building include Rexel, Highmark Residential, Prospera Financial, and Entrust. The Crossings I, owned by a Georgia limited partnership since 2004.

The Lincoln Centre high-rise complex at the Dallas North Tollway and LBJ Freeway has landed 165K SF of office deals with six tenants. The leases come after the owner of the property last fall completed millions of dollars in upgrades to the landmark buildings that date to the 1980s. Chubb Insurance and Invitation Homes each leased 50K SF in Lincoln Centre, while Bridgecrest and Avery Denison each leased 20K SF. Bridge Tower leased 15K SF of offices and there was a 10K SF lease with Swearingen.

CURRENT EVENTS

With commercial real estate market conditions expected to deteriorate this year, more investors are eyeing opportunistic property buys. Arlingtonbased SkyWalker Property Partners is the latest North Texas firm to launch a fund targeting troubled real estate. The more than three-decade-old firm has a goal of grabbing up to $250M of investments in Texas and surrounding states. “By year’s end, we anticipate the market will be faced with a wave of maturing loans as owners struggle with refinancing, under-performing projects, and tighter capital conditions,” Gary Walker, president and founder of SkyWalker Property Partners, said in a statement. “Our new fund is well-positioned to capitalize on these opportunities.” Commercial real estate owners are being slammed by a combination of higher interest rates and tougher lending standards. Billions of dollars in property debt coming due this year will be challenged to arrange new funding. SkyWalker Property’s new fund will focus on investments in the $10M to $30M range, including acquisitions of buildings, troubled debt, and new developments. “We have the agility to meet the market whatever the opportunities may be,” said William Welder, SkyWalker Property’s director of acquisitions and capital. “The new fund is a milestone. It’s the largest in our history and a significant shift from our two-year focus on dispositions.” The investor with previous funds starting in 2017 built a $200M portfolio of office, industrial, and retail properties. The company has recently made several property trades in Dallas-Fort Worth. In January, SkyWalker Property sold an Arlington office tower to a Houston investor. SkyWalker Property is one of several D-FW real estate firms building a war chest to buy properties at a time when overall commercial sales are down.

Texas Southern University established a tangible long-term presence in the Dallas-Fort Worth Metroplex by opening the Arlington Recruitment Office at Choctaw Stadium. It will serve as a resource for those families, especially for families that are going through the application and enrollment processes for the first time. The recruitment office will be staffed with someone who will be able to assist prospective students and their parents to complete applications, financial aid paperwork, and much more. The City of Arlington is excited to partner with Texas Southern University in this commitment to ensuring more students from Arlington and the entire DallasFort Worth Metroplex have access to an outstanding college education,” Arlington Mayor Jim Ross said. “TSU is one of the premier universities in the state of Texas. We look forward to the work that will be done to make the path to a degree easier for students in our region.

MID-CITIES

TOP LEASE TRANSACTIONS

• ECI has signed a 23K SF lease at 1500 Solana Boulevard, Arlington, Texas 76262.

• An undisclosed tenant has signed a 26,654 SF lease at 14800 Trinity Boulevard, Arlington, Texas 76155.

• UAG - Ascension Point has signed a 5K SF lease at 2500 Ascension Boulevard, Arlington, Texas 76006.

DEALS IN THE MARKET

• 500 S Nolen Drive is being marketed for sale by Glacier Commercial Realty, LP. Gateway church owns 119,075 SF class B office building that is currently 100% leased.

• 1521 N Cooper Street is being marketed for sale by Younger Partners. Silver Star Properties REIT, Inc owns 119,075 SF class B office building that is currently 92.6% leased.

• 1600 E Pioneer Parkway is being marketed for sale by TJ Dream Makers.

• Credence Resource Management owns A 81,997 SF class B office building that is currently 58.2% leased.

• 1148 W Pioneer Parkway is being marketed for sale by TXRE Properties, LLC. HRE PIONEER PLAZA LLC owns A 74,031 SF class B office building.

NEW DEVELOPMENTS

• 2710 E Lamar Boulevard – A 61,500 SF class A office building

• 64 Tarragona Drive – A 21,419 SF class A office building

• 395 S Kimball Avenue – A 13K SF class B office building

• 880 Village Center Drive – A 8,050 SF class B office building

LARGE EXISTING VACANCIES

• 4333 Amon Carter Boulevard – 730,806 SF class A vacancy

• 4255 Amon Carter Boulevard – 547,384 SF class A vacancy

• 1900 W Kirkwood Boulevard – 339,621 SF class A vacancy

• 3120 Sabre Drive – a 200K SF class A vacancy

• 950 E State Highway 114 – 171,151 SF class B vacancy

NORTH FORT WORTH

VITAL STATS

CURRENT EVENTS

TOP LEASE TRANSACTIONS

• Trinity Broadcasting Network has signed a 25,292 SF lease at 13601 Heritage Parkway, Fort Worth, Texas 76177.

• An Undisclosed Tenant has signed a 20,504 SF lease at 2301 Eagle Parkway, Fort Worth, Texas 76177.

• Mortgage Specialist International, LLC has signed a 9,444 SF lease at 6032 Innovation Way, Fort Worth, Texas 76244.

• An Undisclosed Tenant has signed a 7,520 SF lease at 13601 Heritage Parkway, Fort Worth, Texas, 76177.

DEALS IN THE MARKET

• 201 N Rupert Street is being marketed for sale by Lancarte Commercial Real Estate. H\FW Capital Partners, LP owns the 57,087 SF class A office building currently at 70.6% leased.

• 12600 Willow Springs Road is being marketed for sale by Colliers. Haslet Investment Group, LLC owns the 54,000 SF class A office building.

• 3400 NW Centre Drive is being marketed for sale by CBRE – Texas Development LLC owns the 35,849 SF class B office building that is currently 100% leased.

• 223 NE Loop 820 is being marketed for sale by NAI Robert Lynn. Amino Transport, Inc. owns the 11,598 SF class C office building.

NEW DEVELOPMENTS

• Golden Triangle & Alta Vista RD – A 57K SF class B office building

• Alta Vista Rd & N Beach Street – A 48K SF class A medical office building

• TBD I-114 – A 45,000 SF Class B office building

• 516 W Bonds Ranch Road – A 15K SF class C medical office building

• 1901 Heritage Trace Parkway – A 13,380 SF class B office building

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LARGE EXISTING VACANCIES

• 13650 Heritage Parkway – 164,333 SF class A vacancy

• 5555 N Beach Street – 163,283 SF class B vacancy • 4600 Alliance Gateway Freeway - 140K SF class B vacancy

• 9810 Hillwood Parkway – 135K SF class A vacancy

• 13601 Heritage Parkway – 115,202 SF class A vacancy

• 7001 Boulevard 26 – 54,604 SF class B vacancy

• 4700 Alliance Gateway Freeway –47,644 SF class B vacancy

A company plans to take down new office digs in the Fort Worth Stockyards. The firm plans to occupy about 51K SF in a building called “Armour Office Building,” located at 601 East Exchange Avenue. Work on the site will include $8M worth of renovations, scheduled to start in August, according to a filing with the state. The work will feature renovations of the historic Armour building, including new elevators and stairs as well as exterior brick and roofing repairs. The renovation work should wrap up by next year. The filing appears to be associated with U.S. Energy Development Corporation. The owner’s address matches that of the company’s Arlington office, and the contact number matches the firm’s main line. The company didn’t reply to a request for comment by publication time, but this story will be updated if we hear back. U.S. Energy Development Corporation describes itself as a privately held exploration and production firm that manages assets for itself and its partners, according to the company’s website. U.S. Energy has invested in, operated, and drilled approximately 4,000 wells in 13 states and Canada and deployed more than $2B on behalf of its partners. Kairoi Residential has begun work on its mixed-use development in the Stockyards, a project that includes the historic Armour & Co. site. The firm plans to deliver several multifamily buildings to the Stockyards. At the time of the project’s announcement, a Kairoi Residential executive told the Business Journal that an undisclosed oil and gas company’s headquarters will be located within the disused 50K SF Armour & Co building. The firm would relocate from Arlington, the executive said at the time. A Texas real estate developer has started building a 230-acre corporate park for the next phase of development at the historic Circle T Ranch in the Dallas-Fort Worth area, paving the way for what could eventually comprise six additional corporate campuses.

Hillwood, a real estate firm founded by Ross Perot Jr., is planning what will rise adjacent to Charles Schwab’s new 1.1M SF headquarters. Initial plans show Hillwood can build upward of 10M SF of build-to-suit office space. Hillwood has begun planting trees on a 230-acre tract earmarked for preservation at the Circle T Ranch, with an estimated 50,000 trees expected to be part of the upgrades to the land; irrigation and water features are also being constructed. The park at Circle T Ranch is expected to include 10 miles of walking, running, and bike trails winding through what will be four different ecosystems, including savanna, prairie, bottomland, and cross timber forest. The park’s landscape is designed by world-renowned landscape architecture firm Nelson Byrd Woltz. The park is meant to lure future tenants to the proposed six corporate campuses, which Hillwood does not plan on building on a speculative basis, or without tenants signed. The pandemic has led companies to rethink their office space, with a focus on giving employees a connection to the outdoors, said Steve Aldrich, senior vice president of Hillwood. “We are taking the momentum we gained over the last 20 years in attracting three large corporate users, Fidelity, Deloitte, and Charles Schwab, and working on the next phase of development,” Aldrich told CoStar News in an interview. “The campuses will largely be oriented around the park, adding an outdoor connection designed by a world-renowned architect with it ecologically restoring the land that is already there. We’ll develop the office campuses into the natural beauty of the land.”

Nearly three decades ago, Perot, chairman of Hillwood, bought the Circle T Ranch, a 2,500-acre historic ranch once owned by Nelson Bunker Hunt, the son of Texas billionaire H.L. Hunt, for an undisclosed sum. Over the years, the ranch northeast of Fort Worth has become a place of refuge for the Perot family, with a working barn in recent years having been transformed into a place for high-level executive meetings and intimate gatherings for not only the family, but executives with offices at Circle T Ranch. The ranch is home to Charles Schwab, which recently completed the second phase of its 1.1 million-square-foot campus, with room to expand even further, as it looks to add thousands of employees to its new North Texas corporate home, joining other corporate tenants Deloitte and Fidelity Investments at the ranch.

PRESTON CENTER

CURRENT EVENTS

Two real estate development firms based in the New York City metro area are planting their flag in Dallas with a new operation. RD Management and JMF Properties are both headquartered in the New York metro area and have a track record of joint property deals. The two companies have formed a venture to open a Dallas office for commercial and residential development projects in Texas. The companies have already invested in an Austin retail center and are looking at other acquisitions and building opportunities. “We have witnessed the strong economic activity in Dallas-Fort Worth firsthand and are well-positioned to invest in projects that support the area’s growth,” Joe Forgione, founder and principal of JMF Properties, said in a statement. “We pride ourselves on our strong track record of securing deals, working closely with stakeholders and delivering projects on time, and that will continue to be the case in Dallas.”

JMF Properties has multiple retail and multifamily properties at home in New Jersey. Its partner RD Management has more than 150 commercial and residential developments across the U.S.

TOP LEASE TRANSACTIONS

• Unity Hunt signed an 18.5K renewal at Sherry Lane Place at 5956 Sherry Lane in Dallas.

• Encore Energy signed a 2k SF lease at The Berkshire Lane at 5950 Berkshire Lane in Dallas.

LARGE

EXISTING VACANCIES

• 5950 Sherry Lane – 27,948 SF

• 8333 Douglas Avenue – 40,119 SF

• 8111 Douglas Avenue – 26,614 SF

RICHARDSON/PLANO/ALLEN/MCKINNEY

VITAL STATS

CURRENT EVENTS

One of North Texas’ largest corporate campuses — the fourtower CityLine office complex in Richardson — is up for sale. The almost 2.3M SF high-rise development at Bush Turnpike and Plano Road last sold in 2016 for more than $800M — one of the largest real estate purchases ever recorded in Dallas-Fort Worth.

TOP LEASE TRANSACTIONS

• Etech signed a new 7.4K lease at Collin Creek Corporate Center II, 1801 Alma Drive, Plano, Texas 75075.

DEALS IN THE MARKET

• State Farm’s CityLine office campus is being marketed for sale by Newmark. Mirae Asset Management & TIG own the approximately 2.1M SF campus, which is 100% leased.

• Collins Crossing is being marketed for sale by Newmark. Franklin Street Properties owns the 300,887 SF building, which is 88% leased.

• Collins Square is being for sale by Cody Payne’s team at Colliers. Pillar and Origin own the 228,400 SF building, which is 75% leased.

• Creekview I & II is being marketed for sale by JLL. Exeter owns the 260,488 SF office buildings, which are 58% leased. Offers are due June 27th.

• Preston Park Financial Center is set to hit the market soon with Newmark. TerraCap owns the 178,145 sf office buildings, which are 77.7% leased.

NEW DEVELOPMENTS

• Heritage Creekside Towers – A 1.25M SF class A office park (proposed)

• Palisades Central | 2426 N Central Expressway – A 1M SF class A office complex (proposed)

• Beacon Square – A 800K SF class A office building (proposed)

• The Campus at CityLine – A 600K SF class A office complex (proposed)

• 3661 N Plano – A 534K SF class A office building (proposed)

• 3661 N Plano – A 508K SF class A office building (proposed)

• Legacy Central 5 – A 300K SF class A office building (proposed)

• One Heritage Creekside – A 250K SF class A office building (proposed)

LARGE EXISTING VACANCIES

• Lookout Park I – 262,546 SF

• Galatyn Commons C – 215,394 SF

• Lakeside Tower – 203,817 SF

• 2400 Glenville – 192,512 SF

• 3400 CityLine – 189,676 SF

• Assembly Park – 179,766 SF

• 2200 E President George Bush –176,831 SF

• Richardson Commons – 155,984 SF

• 17787 Waterview Parkway – 142,954 SF

• Galatyn Commons D – 133,184 SF

• Waterview 190 South – 116,038 SF

• Waterview 190 North – 115,987 SF

• Lakeside Centre II – 115,583 SF

• District 121-West – 111,547 SF

• Lookout Park II – 106,327 SF

• Legacy Central 1 – 103,759 SF

• The Tower Lakeside Campus – 103,686 SF • Creekview 1 – 100,871 SF

Since then, the towers that house State Farm Insurance’s regional offices have been owned by a partnership that includes Mirae Asset Global Investments — a South Korean investment fund — and Transwestern Investment Group based in Houston. State Farm occupies the buildings on a long-term lease. Commercial property firm Newmark Group is marketing the buildings for sale. The buildings — which include ground floor retail and a medical office — are 98% leased.

Developer Billingsley Co. has finished the next office building in its International Business Park in Plano. The five-story, 242K SF project is northwest of the intersection of Bush Turnpike and the Dallas North Tollway. The building is the 18th phase of the 300-acre office park that Billingsley Co. started in the 1990s. The office was designed by Dallas architect GFF and is adjacent to a 9K SF amenity center with a fitness facility, conference center, and tenant lounge. The amenity center connects the building with a four-story, 175K SF office building completed in 2020.

SOUTHWEST FORT WORTH CURRENT EVENTS

Cassco Land Company has plans to build a roughly $400M expansion to the Clearfork development in west Fort Worth. The city will weigh an economic development program agreement to the tune of $22 million to help get the project off the ground. The Autobahn Fort Worth dealership would potentially relocate to the site as an anchor tenant, and the forthcoming development will feature expansive automobile showroom space. The overarching phase two would bring 300K SF of new commercial space, 200K SF of automobile showroom and service space, and 350 multifamily units. The second phase would occur on a 25acre tract next to the existing Clearfork development. The commercial space would include both office and retail or a combination of the two. The first phase of Clearfork totaled $300 million in mixeduse development. The city supported the project through a 15-year Chapter 380 economic development agreement, granting up to 80% of incremental property and sales taxes. That grant was capped at $48 million. For the second phase, the Fort Worth City Council will consider a measure to grant the project a 15-year Chapter 380, with total grants capped at $22 million. Cassco would be required to make a minimum investment of $350 million into the project. Under the agreement, Cassco Land would deliver the forthcoming expansion in two phases, the first of which would deliver in 2026.

Cassco, which is based in Fort Worth, teamed up with Dallas-based Rosewood Property Co. in 2013 to develop Clearfork, an urban village set on 270 acres within the legendary Edwards Ranch. The site is on the banks of the Clear Fork of the Trinity River between Hulen Street and Bryant Irvin Road.

A developer wants to put an office building on a vacant piece of land on South University Drive between TCU and the Fort Worth Zoo. Cowtown 109 LLC is petitioning the city of Fort Worth to rezone the nearly 2-acre parcel from A-5 single family to E neighborhood commercial, according to a city filing. The lot is at 2401 S. University Drive, south of Colonial Parkway and just north of Park Hill Drive. The plan is to build a 35-foottall office building with an adjoining parking lot, according to the filing. The developer says the traffic on University Drive makes the land undesirable for home development. The property backs up to the Park Hill neighborhood, but the topography of the lot makes it so the top of the building would be below nearby homes, according to the filing. This means homeowners wouldn’t have to worry about office workers looking into their backyards, according to the filing. The building would be used in the daytime and be vacant at night, meaning neighbors wouldn’t have to deal with noise from other possible commercial uses. The office will be a 16K SF split-level building with spaces for 42 cars, said Michael Bennett, who’s representing Cowtown 109 LLC in the city’s development process.

TOP LEASE TRANSACTIONS

• A school has signed a lease for 8,735 SF at 6421 Camp Bowie Boulevard, Fort Worth, Texas 76116.

• Millwood Hospital has signed a lease for 5,429 SF at 900 Jerome Street, Fort Worth, Texas 76109.

• ML&M Realty Advisors has signed a lease for 1K SF at 1320 Lake Street, Fort Worth, Texas 76104.

DEALS IN THE MARKET

• 405 W Loop 820 S is being marketed for sale by Younger Partners. Entrepreneur Park LLC owns the 101,043 SF Class B office building.

• 315 Hemphill Street is being marketed for sale by Transwestern Real Estate Services. Half Price Book Barn owns the 30,000 SF class C office building that is currently 100% leased.

• 500-508 Hemphill Street is being marketed for sale by Transwestern Real Estate Services. ONCOR Electric Delivery CO LLC owns the 30,000 SF class C office building that is currently 100% leased.

• 6451 Brentwood Stair Road is being marketed for sale by Transwestern Real Estate Services. TSC South Main LLC owns the 25,451 SF class C office building that is currently 29.4% leased.

NEW DEVELOPMENTS

• 2400 N Kentucky Avenue – A 20,000 SF class B office building

• 6101 Southwest Boulevard – A 15,000 SF class B office Building

• 465 S Main Street – A 13,503 SF class B office building

LARGE EXISTING VACANCIES

• 6100 Western Place – 112,382 SF class B vacancy

• 6000 Western Place – 90,694 SF class B vacancy

• 4100 International Plaza – 75,439 SF class B vacancy • 6500 West Freeway – 81,521 SF class A vacancy

• 7000 Calmont Avenue – 69,038 SF class A vacancy

STEMMONS

VITAL STATS

CURRENT EVENTS

Stemmons Freeway towers hit the market near the medical district. The high-rises northwest of downtown Dallas are in area seeing new developments.

NEW DEVELOPMENTS

• The Design District Tower – A 243K SF class A office building (proposed)

• River Edge | 155 Riveredge – A 142K SF class A building

• 1333 Oak Lawn Avenue – A 123K SF class A office building

LARGE EXISTING VACANCIES

• The Connection at 8600 | 8600 Harry Hines Boulevard – 228,845 SF

• Pegasus Park – 133,477 SF

• 2525 N Stemmons Freeway – 101,178 SF

• 8777 N Stemmons-Tower II – 76,968 SF

• Thirteen Thirty Three – 122,740 SF

• River Edge – 146,955 SF

• The Design District Tower – 224,907 SF

CURRENT EVENTS

An Uptown Dallas office tower is getting a makeover that includes a new identity. The 18-story Chateau Plaza on McKinney Avenue was built in 1985. The high-rise took its name from the storied Chateaubriand Restaurant, which occupied the site until it was demolished for the new office. Once described as the first upscale restaurant in Dallas, the Chateaubriand was a popular dining venue for decades until developer J.L. Williams bought up the prime site for his new office building. Since 2005, the almost 179K SF office has been owned by institutional investors advised by J.P. Morgan Global Alternatives.

UPTOWN

TOP LEASE TRANSACTIONS

• GFF signed a new 25K SF lease in Victory Plaza, 3030 Nowitzki Way, Dallas, Texas 75219.

• Paceline Equity Partners LLC signed a 12.4K SF lease at Turtle Creek Tower, 3131 Turtle Creek Boulevard, Dallas, Texas 75219.

NEW DEVELOPMENTS

• 23Springs | 2323 Cedar Springs – A 626K SF class A office building

• 2500 Cedar Springs – A 591 K SF class A office building (proposed)

• Harwood XII – A 541K SF class A office building (proposed)

• Parkside Uptown | 1919 Woodall Rodgers Freeway – A 487K office building (proposed)

• Victory Center | 2371 Victory Avenue –A 466K SF office building (proposed)

• Harwood No. 14 – A 360K SF office building

• The Quad | 2699 Howell Street – A 345K SF class A office building

• 4040 Maple Avenue – A 285K SF class A building

• 2850 Lemmon – A 280K SF class A office building

• 2626 McKinney Avenue – A 181K SF class A office building

• Maple Terrace | 3001 Maple Avenue – a 137K SF class A office building

• McKinney & Lemmon – A 82K SF office building (proposed)

LARGE EXISTING VACANCIES

• Victory Commons One – 300,446 SF

• One Victory Park – 260,362 SF

• Parkside Tower – 111,728 SF

• 2501 Cedar Springs – 110,415 SF