search

The Real Deal Logo

Trending

Michael Alter sells land to T5 Data Centers for $29M after office painMichael Alter sells land to T5 Data Centers for $29M after office painLuxury condos escape new dev’s sales pinchLuxury condos escape new dev’s sales pinchArbor modifies $1.9B in loans as delinquencies keep risingArbor modifies $1.9B in loans as delinquencies keep risingPérez family’s Related, partners score $141.5M financing for NoMad Wynwood condosPérez family’s Related, partners score $141.5M financing for NoMad Wynwood condos
Commercial
Dallas

Bank of America downsizing to KDC’s Uptown Dallas development

Will leave 500K sf in iconic Bank of America Plaza downtown

Bank of America Downsizing to KDC’s Parkside Uptown in Dallas
Parkside Uptown tower and Bank of America’s Dallas president Jennifer Chandler (KDC, LinkedIn)

Bank of America is shrinking its Dallas office footprint, tallying a win for uptown and a ding to downtown, which has become an increasingly common trend. 

The banking giant is ditching the 500,000-square-foot lease it has held in its namesake tower, Bank of America Plaza at 901 Main Street, since it was built in 1985. It is moving to 238,000 square feet in the 30-story Parkside Uptown at the northwest corner of Harwood Street and Woodall Rodgers Freeway, the Dallas Morning News reported. 

Bank of America’s departure from the 72-story Bank of America Plaza will present further challenges for its landlord, a German investment group, as the nearly 1.9 million-square-foot building already has a relatively poor occupancy rate of 70 percent.

Bank of America will anchor Parkside Uptown, which is being developed by KDC and Pacific Elm Properties. Construction of the roughly 500,000-square-foot building is expected to start by the end of this year. It’s slated for completion in 2027, with Kohn Pedersen Fox Associates, Corgan and OJB Landscape Architecture leading design. 

“This site overlooking Klyde Warren Park, amid an abundance of walkable Uptown Dallas amenities, is an ideal space to bring our team together in a central location where they can collaborate on behalf of our clients,” Bank of America’s Dallas president Jennifer Chandler told the outlet. 

Sign Up for the undefined Newsletter

KDC, in partnership with land owner Miyama USA Texas, started the Uptown project in 2020. Their development partner Pacific Elm Properties is one of Dallas’ most active developers.

Parkside Uptown will feature a 12th-floor sky lobby and lounge, outdoor terraces, and ground-floor retail. It will be considered a Class AA office property, Pacific Elm partner Tom Dundon told the outlet.

Uptown continues to emerge as the darling of Dallas’ office sector. Goldman Sachs is building a $500 million regional campus a few blocks from Bank of America’s new tower, and JPMorgan Chase recently relocated from downtown to Uptown. Real estate firm CBRE also plans to move its headquarters to the area. 

The J.R. Ewing-era Bank of America Plaza is the tallest building in the skyline. Originally lighted with money-green neon, its facade has been updated with color-changing LEDs.

—Quinn Donoghue 

Read more

Companies and People
Bank of AmericaKDC and Pacific Elm PropertiesJennifer Chandler
Tags
downsizeLeaseRelocation