APRIL 5th

MARKET SCOOP

INSIGHTS

Tenant Activity

  • The Richards Group is in leases at The Stack (101,000 sf, 12 years, 12 months free, $41.00 NNN, $2.75% bumps, $100 in TI). 
  • Vanguard is in process of expanding by 2 floors at Liberty Mutual sublease in Legacy.  Once completed, they’ll have 170k total with hard expansion rights on remaining 2 floors.
  • Corgan is moving forward with planning for the Wells Fargo development in Las Colinas. The projected size is 600,000 sf.
  • CBRE signed a short-term renewal at 2100 McKinney through 2026.  The new McKinney development is on an indefinite hold. 
  • Bank of the Ozarks executed an LOI for 100,000 sf at 23 Springs which would kick off the new development.
  • Sodexo – 70,000 sf requirement is looking at East Quarter as well as new product in Uptown, potentially The Link and Victory Commons One.
  • TIAA is close to signing at The Star for a 350,000 sf BTS.
  • Project Raider – new 75,000 sf requirement for Uptown / Design Districit. They prefer new product and are touring options soon. Represented by JLL.
  • HCL – 50,000 sf requirement for Frisco / Legacy, focused on a renewal at Hall Office Park. Represented by CBRE.
  • Preston Hollow Capital – Focused on PWC Tower for 15,000 sf, KPMG Tower is the backup.
  • Texas Capital Bank issued RFPs to a few Uptown and CBD buildings for 200,000 sf, including Chase Tower.
  • Newmark – Close to signing at The Link for 2 floors.
  • HEB Digital – In Leases at East Quarter for 25,000 sf.
  • Project Thunderball – 150,000 sf requirement looking in 5 different submarkets. Represented by Cushman.
  • Dykema – 50,000 sf requirement in Comerica Bank Tower now with termination option coming up. RFPs out to 5 buildings in Uptown and CBD.
  • O’Melveny law firm for 40,000 sf has shortlisted to The Link and Harwood 14. RFPs out.
  • Project Crunch is Lithia Motors. Subleased 2 floors at Fannie Mae sublease and needing up to 400k sf for a long-term requirement.
  • Smart Auto is in leases at 1125 East Campbell in Richardson for 30,000 sf.
  • Crossmark is in leases for 90,000 sf at Crown Center in Castle Hills.

Building Sales

  • Regent is firm on Trammell Crow Center at $615M.
  • Collins Square is coming to market with JLL.
  • 3400 Cityline is coming to market with Newmark.
  • Park West sold to Pratt Street Capital.

Lease Comps

  • Lerma – The Luminary, 27,959 sf, 94 months, 10 free, $28.25 NNN, $.75 bumps, $75 in TI

  • McAfee – Block H, Legacy West, 75,000 sf, 132 months, 12 free (base rent only), $35.00 NNN, 2.5% bumps, $80 in TI

  • Sherwin & Sterling – The Link, 22,838 sf, 132 months, 12 free, $42.00 NNN, 2.5% bumps, $87.50 in TI

  • AMN Healthcare – Cypress Waters, 92,000 sf, 130 mos., 10 free, $28.50/ NNN start, 2.5% bumps, $75/rsf TI

  • Builders First Source – 6031 Connection, 55,546 sf, 156 mos., 12 free, $20.00 NNN start, $.50 bumps, $75/rsf Ti

On the Move

  • Elizabeth Fortado joined Granite’s leasing team.

 

This and That

  • Construction costs on Granite’s 23 Springs increased by $4m from October to January. 

  • Cousins/Lincoln is breaking ground on Legacy Union II in May.

  • JLL named Torrey Littlejohn and Bret Hefton as the coleaders of Dallas’ office tenant rep division.

 

Forge Commercial is a Dallas-based commercial real estate services company.