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Commercial
Dallas

Texas developer seals deals in Uptown Dallas

Granite gets loan, lease for 23Springs with Bank OZK

Granite's Will Hendrickson and OZK's George Gleason with 23Springs (Granite Properties, Bank OZK)
Granite's Will Hendrickson and OZK's George Gleason with 23Springs (Granite Properties, Bank OZK)

Dallas’ Granite Properties is ready to start on a new glass tower after the commercial real estate investment, development and management company secured both a construction loan and a lease on 23Springs.

The project is on track to include the largest office building in Uptown Dallas, the entertainment district just north of downtown that is rife with new development.

Granite will start construction on 23Springs in June. The development at Cedar Springs Road and Maple Avenue will include a 26-story, 626,215-square-feet Class AA office building, six stories of underground parking and separate one- and two-story buildings for restaurants.

The development is designed to meet the requirements for LEED Silver and Fitwel certifications. It will have electric-vehicle charging stations, bike storage, outdoor work space and a rainwater harvesting system. It was designed by Texas-based GFF Architects. Redwood, California’s DPR is the construction contractor.

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Granite has signed a lease and closed construction financing with Bank OZK, headquartered in Little Rock, Arkansas. The bank will occupy four floors totaling 110,029 square feet in the 23Springs office building.

Granite isn’t disclosing the lease price or loan amount.

In addition to a number of in-house Granite and OZK representatives involved in the deal, Bill Sladek and Amanda Gadison of Condon Tobin represented Granite as lease attorneys, Jim Curtin of JLL represented Granite in securing the construction loan, Lewis Kasner and Marisela Gonzales of Jackson Walker represented Granite as attorneys for the loan and development investment and Nam Tran of Winstead represented Bank OZK on the loan transaction.

Demolition of three existing office buildings on the 2.5-acre site will start in June. The estimated delivery date is March 2025. Granite’s Robert Jimenez, Burson Holman and Elizabeth Fortado are the 23Springs leasing team.

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Commercial Real EstateConstructionDevelopmentOffice Market