The office picture in Dallas comes into focus with three notable projects this week.
First, a 1980s office building at 4851 LBJ Freeway just boosted its occupancy rate to over 90 percent, the Dallas Morning News reported. Landlord Mohr Capital secured several new leases in the 12-story building, just west of the Galleria Dallas.
Mohr bought the building in February 2020, and it’s continued to perform well despite the remote-work movement bringing demand for office space down to a historic low, Mohr Capital chairman Bob Mohr told the outlet. Renovations, including a new lobby, fitness center and café have been crucial to the building’s high occupancy levels.
Next, a massive lease: Dallas-based Texas Capital Bancshares will occupy 160,000 square feet in Blue Cross and Blue Shield of Texas’ two-building campus at 1000 East Lookout Drive in Richardson.
Texas Capital’s new digs will cost an estimated $9 million to finish out, and the project is expected to be completed in January. Dallas-based Corgan is the architect.
Lastly, Stream Realty Partners is nearing completion of a new 12-story office tower in Uptown Dallas’ former Quadrangle complex near McKinney Avenue. The building, dubbed The Quad, spans 335,000 square feet and is part of a $100 million overhaul of the landmark shopping center.
The site will feature an amenity center with tenant lounge, retail space, a conference center and terrace overlooking downtown Dallas and Uptown. The building was designed by Dallas architect Omniplan.
Stream has secured commitments from two major tenants. Real estate services company Revantage is leasing 32,000 square feet in the high-rise, and Chicago Title will occupy 20,000 square feet.
—Quinn Donoghue
Read more
Commercial
Dallas
AmerisourceBergen subleasing full building
Commercial
Texas
Historic renovation pros acquire 17 buildings near Dallas’ Fair Park
Dallas
Goldman Sachs scales back Dallas campus