See who signed Dallas’ biggest office leases in 2022
JCPenney signed the biggest deal, re-establishing its Plano HQ
With the Dallas/Fort Worth area recently being among the top CRE markets in the nation this year, the city’s office market did just fine this year. Take a look back at five of the largest office leases by square footage in the Dallas area, compiled with data from JLL and Cushman & Wakefield. The top five brought in 772,000 square feet total.
JCPenney, CALWest in Plano
JCPenney bounced back, signing a 318,000-square-foot lease to occupy the 1.8 million-square-foot office building at 6501 Legacy West, in May. The lease re-established a headquarters for the department store. The Penney’s HQ was previously housed on the same 86-acre campus from 1992 to 2020, before vacating and filing for bankruptcy protection in the face of the pandemic.
Bank OZK, 23Springs in Dallas
Bank OZK signed a lease with Granite Properties in April to occupy four floors at 2323 Cedar Springs. The Little Rock, Arkansas-based bank’s 110,000-square-foot space in the 26-story Class AA office building in Dallas’ Uptown submarket will serve as a regional headquarters, when it opens in 2025. The current Bank OZK regional office, at 8300 Douglas Avenue in University Park, houses its real estate division. Plano-based Granite Properties financed construction of the 626,000-square-foot tower, which sits on 2.5 acres. Asking rents at the building cost $55 to $60 per square foot, according to PropertyShark.
TRG, The Stack in Dallas
It’s new name, new location for TRG, the recently rebranded Dallas advertising agency that will relocate its headquarters from Uptown to The Stack, Hines’ office/retail project at 2700 Commerce in Deep Ellum. TRG, formerly known as the Richards Group, will occupy 102,000 square feet starting in early 2023. That will make the Class AA office building, which opened in May, 100 percent occupied. The Stack also has 14,000 square feet of retail with garage parking in this historic district. The lease was a joint venture with Westdale Real Estate Investment and Management, Ivanhoé Cambridge and Hines.
Weil Gotshal, the Crescent in Dallas
The law firm Weil, Gotshal & Manges went high glamor with the lease of the entire third floor across all three high-rises of this iconic office and retail complex in Uptown. The 90,000-square-foot lease at 200 Crescent Court was signed in August, and the building is 95 percent leased. The Crescent, comprising 19 stories, was built in 1985 and renovated this year.
AMN Healthcare, Cypress Waters in Coppell
AMN Healthcare signed a 90,000-square-foot lease in August to occupy the recently completed office building at 2999 Olympus Boulevard in Coppell. The 10-story, 300,000 square-foot building is one of three in Billingsley Company’s 1,000-acre Cypress Waters mixed-use development, which was 75 percent leased with AMN’s signing. UT Southwestern leased the entire second floor of the building in July. Besides office buildings, Cypress Waters features more than 2,000 apartments, with retail and restaurants such as Rodeo Goat, Ascension Coffee and Eno’s Pizza Tavern.