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Pacific Elm Scores $280M construction loan for Parkside Uptown
Will be tallest building in Dallas’ Uptown; Bank of America a major tenant
Pacific Elm Properties CEO Jonas Woods along with renderings of Parkside Uptown in uptown Dallas (Getty, Pacific Elm Properties, KPF)
Pacific Elm Properties landed financing to change the skyline of Dallas’ popular Uptown neighborhood.
The Dallas-based developer secured a loan to build Parkside Uptown, the future home of Bank of America. At 30 stories, it will be the tallest tower in Uptown.
Goldman Sachs Alternatives’ real estate group provided the $290 million, four-year, floating-rate construction loan. The loan amount is $580 per square foot for the 500,000-square-foot building.
Trey Morsbach, Jim Curtin, Michael Cosby and Greg Napper of JLL represented Pacific Elm in the deal.
Parkside Uptown will offer premium office space as well as amenities like a sky lobby and lounge, outdoor tenant terraces, fitness facilities and ground-floor retail. It is expected to be completed in 2027.
Bank of America leased 49 percent of the building, 238,000 square feet, and has naming rights.
The tower will sit at the corner of Harwood Street and Woodall Rodgers Freeway, adjacent to Klyde Warren Park.
Dallas’ office market has a vacancy rate of 21 percent; the sublease market makes up 2 percent of the vacancy, said Steve Triolet, senior vice president for research and market forecasting for Partners Real Estate. Still, projects like Parkside Uptown are in the pipeline.
That’s because companies moving within or to Dallas-Fort Worth are looking for new or built-to-suit office space, Triolet said. After the pandemic popularized remote work, companies are trying to lure workers back to the office with luxury amenities. Many are targeting Uptown.
Pacific Elm Properties was formed and is managed by Woods Capital, a firm Jonas Woods started in 2007. Its portfolio consists of seven Class A buildings in Dallas and Raleigh.
Pacific Elm Properties is one of the developers behind the conversion of Santander Tower (formerly Thanksgiving Tower) in downtown Dallas. That 1.4 million-square-foot tower is now home to a hotel and 228 apartment units. For the conversion, Pacific Elm teamed up with apartment builder Mintwood Real Estate.