Bank of America Renews Full-Building Lease North of Dallas

Bank of America Corporation has renewed its full-building office lease in Addison.

The financial institution reupped for another 10 years at the 553,800-square-foot Hallmark Center I, at 16001 North Dallas Parkway, the Dallas Business Journal reported.

Massachusetts-based RMR Group has owned the building since 2013, acquiring it in a sale-leaseback. It was completed in 1987 and renovated in 1997. Bank of America will still have operations at this building after it moves into the in-development Parkside Uptown office building near Dallas’ Klyde Warren Park.

JLL’s Andy Leatherman and Bret Hefton represented Bank of America in the lease negotiations, while Stream Realty Partners’ Rhett Miller and Matt Wieser represented RMR Group.

The lease extension comes as commercial real estate grapples with shifting workplace dynamics and evolving tenant demands. The region’s significance to the banking giant is clear.

Bank of America is the largest financial institution in Dallas-Fort Worth, holding $124.2 billion in local deposits as of last June, according to the latest FDIC data. Eighteen percent of the bank’s 14,000 Dallas-Fort Worth employees work in Addison, or 2,500 people.

“This renewal is a positive indicator for the local economy and underscores the confidence major companies have in this dynamic submarket,” Stream’s Wieser said.

The lease extension ultimately aligns with Bank of America’s long-term goals, reinforcing its commitment to North Texas even as it prepares to move to Parkside Uptown.

Bank of America is exiting 500,000 square feet in its namesake downtown Dallas tower, at 901 Main Street, after almost 40 years.

Its name will go on Parkside Uptown, the 500,000-square-foot, 30-story tower at 1919 Woodall Rogers, where it has occupied 238,000 square feet. That development, from KDC and Pacific Elm Properties, is expected to open in 2027.

— Andrew Terrell