Deloitte Leases 100K SF in Uptown Dallas

Another company is relocating from downtown to Uptown Dallas, where flashy office buildings and residential towers are sprouting up.

Professional services firm Deloitte has leased more than 100,000 square feet across four floors in the 26-story 23Springs, the Dallas Morning News reported. The office tower is being developed by a venture of Granite Properties and Highwoods Properties.

Deloitte is relocating from the former Chase Tower on Ross Avenue, where it’s operated for more than 30 years. The size of its lease there wasn’t reported.

The move is another blow for downtown, which has seen a handful of major companies, such as Bank of America, move to the trendy Uptown area.

The 625,000-square-foot building, at 2323 Cedar Springs Road, is set to open in 2025. Deloitte joins Bank OZK as a major tenant in the tower, and the latest deal brings the building to more than 33 percent leased.

Deloitte’s decision was partly driven by the surrounding amenities, including restaurants and a half-acre park, along with its proximity to shops and restaurants. The move coincides with record-high office vacancies and a leasing downturn in Dallas-Fort Worth. Companies are gravitating to amenity-filled office space to overcome remote-work trends and lure employees back to the office.

“If you are an employer or an owner of commercial real estate, you have to create a product that gets people from working at home,” Granite’s Paul Bennett told the outlet. “You have to make employees desire and want to come into the office.”

The Uptown-Turtle Creek area is experiencing a surge in office construction, with over 2.5 million square feet under development – the most in any North Texas business district, the outlet said.

Along with Bank of America, JPMorgan Chase recently relocated from downtown to Uptown, and real estate firm CBRE is planning a similar move. In light of this trend, Dallas officials and developers are exploring ways to revamp the downtown area with new office space and office-to-residential conversions.

—Quinn Donoghue