One of the largest commercial banking firms in Texas is receiving an expansion and a new lease to fill up its sizable extension.
Dallas-based Texas Capital Bank has signed a 15-year lease extension with Union Investment which will expand its head office by over 49,000 square feet.
With the expanded lease, the space occupied by Texas Capital Bank at 2000 McKinney Avenue will total more than 202,000 square feet. The financial terms of the deal were not disclosed, but the building will be rebranded as the Texas Capital Center.
The Class A office building in Dallas’ Uptown neighborhood has hosted the bank’s corporate headquarters since it was completed in 2008.
“The office building is located in the center of Dallas’s Uptown district, which is one of the city’s most sought-after locations,” said Ulrich Dischler of Union Investment, the investment arm of Germany’sDZ Bank Group.
Indeed, leasing activity in Dallas’s Uptown submarket has increased considerably this year compared to other submarkets, and the Texas Capitol Deal marks the largest so far in 2022, Discher said. Other firms like Stream Realty are betting big on the submarket as well.
The soon-to-beTexas Capital Center has just over 450,000 square feet of rental space and is about 98.5 percent leased as of this deal.