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.