Market Brief... Dallas/Fort Worth
OFFICE
4Q2021 Property Pictured Above: Custer Court | 501 W President George Bush Highway, Richardson, Texas 75080
DFW OFFICE MARKET BRIEF 4Q 2021
TABLE OF CONTENTS 1. DALLAS/FORT WORTH OFFICE TEAM AND SUBMARKETS
1 2 3
2. OVERALL DALLAS/FORT WORTH OFFICE MARKET A. Facts and Figures
2. SUBMARKET INTELLIGENCE A. B. C. D. E. F. G. H. I. J. K. L. M.
Dallas Central Business District Central Expressway Far North Dallas Fort Worth Central Business District Las Colinas LBJ Mid Cities North Fort Worth Preston Center Richardson/Plano Southwest Fort Worth Stemmons Uptown/Turtle Creek
1
DFW
HLC SUBMARKET COVERAGE
2
HLC DFW OFFICE MARKET EXPERTS
MATT CARTHEY
JOHN DICKENSON
JAMES ENGELS
DAVID CASON
DAN POND
Partner/Managing Principal - Fort Worth mcarthey@holtlunsford.com 817.710.1111
Managing Principal - Dallas jdickenson@holtlunsford.com 972.421.1971
Senior Vice President - Dallas jengels@holtlunsford.com 972.280.8307
Vice President - Fort Worth dcason@holtlunsford.com 817.810.9137
Market Director - Dallas dpond@holtlunsford.com 972.380.3641
MASON PRITCHER
JAKE NEAL
JACK BEARE
WILLIAM WILSON
OLIVIA BARNES
Market Director - Dallas mpricher@holtlunsford.com 972.280.8320
Market Director - Fort Worth jneal@holtlunsford.com 817.284.5555
Market Associate - Dallas jbeare@holtlunsford.com 972.265.0128
Market Associate - Fort Worth wwilson@holtlunsford.com 817.284.5555
Market Analyst - Dallas obarnes@holtlunsford.com 972.265.0135
TYLER HOWARTH
HUNTER HEDRICK
QUINN HANFORD
JOHN ARMS
JAMIE CLYDE
Managing Principal Tenant Representation thowarth@holtlunsford.com 972.280.8302
Market Analyst - Dallas hhedrick@holtlunsford.com 972.421.1973
Market Analyst - Dallas qhanford@holtlunsford.com 972.265.0124
Market Analyst - Dallas jarmes@holtlunsford.com 972.381.3210
Market Analyst - Dallas jclyde@holtlunsford.com 972.265.0129
3
HLC DFW OFFICE OVERALL MARKET
VACANCY - OVERALL DFW
CONSTRUCTION - OVERALL DFW 25.0%
3,000,000
21.9%
2,500,000
20.0%
18.0%
20.1% 2,000,000
17.0%
15.0% 1,500,000
10.0% 1,000,000
5.0%
500,000
1.8%
1.0%
0
0.0% 4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
1Q 20
Direct Vacancy
2Q 20
3Q 20
4Q 20
1Q 21
2Q 21
Sublet Vacancy
3Q 21
4Q 18
4Q 21
1Q 19
2Q 19
3Q 19
4Q 19
1Q 20
2Q 20
3Q 20
Delivered Inventory
Total Vacancy
ABSORPTION - OVERALL DFW
4Q 20
1Q 21
2Q 21
3Q 21
4Q 21
Under Construction
OVERVIEW - OVERALL DFW 22.0%
2,000,000
1,500,000 1,500,000
21.0%
1,000,000
1,000,000
500,000
20.0% 500,000
0 19.0% 0
(500,000) 18.0%
(500,000)
(1,000,000)
(1,000,000) 4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
1Q 20
Total Net
2Q 20
3Q 20
4Q 20
1Q 21
2Q 21
3Q 21
17 .0%
4Q 21
(1,500,000) 4Q 18
Leasing Activity
1Q 19
2Q 19
3Q 19
4Q 19
Absorption
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
2Q 21
Deliveries
3Q 21
4Q 21
Vacancy
Source: CoStar 4Q 2021 Office Report
Market Dallas CBD Central Expressway Far North Dallas
Existing Inventory
Vacancy
# Bldgs.
Total RBA
Direct SF
Total SF
Vac. %
YTD Net Absorption
YTD Deliveries
Under Const. SF
Quoted Rates
149
35,277,505
7,999,682
9,038,153
25.6%
(457,562)
284,600
386,323
$27.32
261
14,662,649
2,412,301
2,598,558
17.7%
(311,693)
30,000
77,189
$33.33
1,296
70,720,942
13,984,886
15,960,089
22.6%
(702,173)
2,104,176
0
$32.62
Ft. Worth CBD
173
20,886,139
3,036,030
3,255,892
15.6%
(301,592)
26,000
615,062
$30.84
Las Colinas
490
44,395,510
7,976,639
8,976,563
20.2%
(707,923)
126,655
0
$26.52
LBJ Freeway
260
23,073,393
5,231,808
5,654,571
24.5%
(745,814)
107,000
0
$24.23
Mid-Cities
163
14,280,414
2,513,360
2,773,495
19.4%
219,539
253,304
0
$20.28
North Fort Worth
56
11,341,433
2,318,382
2,599,152
22.9%
(398,671)
0
0
$34.59
Preston Center
177
6,846,729
819,955
831,443
12.1%
142,638
297,000
1,447,052
$39.72
Richardson/Plano
832
33,915,160
5,579,241
6,115,664
18.0%
(225,680)
8,100
0
$23.50
SW Fort Worth
73
10,268,926
1,125,722
1,272,519
12.4%
829,941
800,000
186,000
$29.06
Stemmons
310
15,770,133
3,468,251
3,591,635
22.8%
(109,992)
0
109,500
$20.73
Uptown/Turtle Creek
308
17,434,665
2,987,781
3,202,520
18.4%
43,471
656,078
0
$40.91
4,548
318,873,598
59,454,038
65,870,254
20.7%
(2,725,511)
4,692,913
2,821,126
$29.51
Totals
Source: CoStar 4Q 2021 Office Report
4
DALLAS CENTRALINTELLIGENCE BUSINESS DISTRICT SUBMARKET Absorption
vs. Prev. Qtr
vs. 12 Mths Ago
7,938
118,790
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
25.6%
25.3%
23.7%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
60,230
284,600
vs. Prev. Qtr
vs. 12 Mths Ago
(59,254)
VITAL STATS
22.0%
1,500,000 21.0%
1,000,000
500,000
20.0%
0
Delivered SF 60,230 Quoted Rates $27.49
224,370
-
vs. Prev. Qtr
vs. 12 Mths Ago
$27.12
$26.98
19.0% (500,000) 18.0% (1,000,000)
17 .0%
(1,500,000) 4Q 18
1Q 19
2Q 19
3Q 19
Absorption
4Q 19
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
2Q 21
Deliveries
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS
• JPMorgan Chase has finalized a deal to lease nearly 132K SF in the Hunt Consolidated Tower. The New-York City-based bank will take five floors in the building which reduces the bank’s footprint in the Dallas central business district by more than 30%. Almost 600 employees will make the move from Chase Tower and the new office will have a primarily open floor plan to foster better collaboration. Rouch Architects is designing the new office space and the move is anticipated before the end of 3Q 2022. • As the office market’s recovery begins to take place, demand has been driven by high-end space according to CoStar. With the labor market for office talent remaining strong, companies have been offering new office space with highend amenities to lure and retain their workforce. Additionally, leasing momentum has specifically picked up across the Dallas office market due to an improving health situation and more companies returning to the office. • Skincare giant Galderma is moving its headquarters to Trammell Crow Center on Ross Avenue. Galderma, expected to make the move in the summer of 2022, will occupy floors 16 and 17 totaling 50K SF. The company is the world’s largest biopharmaceutical dermatology company and plans for 400 employees to work in the new space. • Marketing firm Imaginuity is relocating from Energy Square to One Main Place on Main Street. The firm is one of several companies to recently make the move downtown. Earlier this year, Integrity Marketing Group leased nearly 100K SF in Fountain Place. Imaginuity will lease 28,838 SF in the One Main Place tower and KFK Group will design their new office space. • The Dallas Petroleum Club is leaving Chase Tower to move to the Hunt Consolidated tower. Their relocation follows Chase Bank’s transition, and they are set to move to the top two floors in January of 2023. The social club was founded in 1934 and has more than 1,300 members today. Chase Bank and the Petroleum Club will be the first new tenants to the Hunt Consolidated tower since building the headquarters in 2007.
• Bradley Arant Boult Cummings has signed a 32K SF expansion in Fountain Place. • Imaginuity has signed a 28.8K SF lease in One Main Place. • Lerma Advertising has signed a 27.2K SF lease in The Luminary. • Zeigler Garnder Bell has signed a 7.5K SF lease in Bank of America Plaza.
NEW DEVELOPMENTS
• Field Street District - Future Phase | 1100 McKinney Ave – a 722K SF class A office district (proposed) • Field Street Tower | 2012 North Field Street – a 534K SF class A office tower (proposed) • Two Arts Plaza | 1900 Routh Street – a 283K SF class A office tower (proposed)
LARGE EXISTING VACANCIES
• Fountain Place | 1445 Ross Avenue – 585,395 SF • Renaissance Tower | 1201 Elm Street – 535,871 SF • Santander Tower | 1601 Elm Street – 324,411 SF • Bank of America Plaza | 901 Main Street – 314,729 SF • 1700 Pacific | 1700 Pacific Avenue – 262,709 SF • Bryan Tower | 2001 Bryan Street – 224,916 SF • 300 South Pearl Expressway – 197,065 SF • Chase Tower | 2200 Ross Avenue – 193,102 SF • Harwood Center | 1999 Bryan Street – 186,096 SF • Comerica Bank Tower | 1717 Main Street – 148,025 SF • 2100 Ross Avenue – 136,335 SF • Ross Tower | 500 North Akard Street – 123,080 SF • One Main | 1201 Main Street – 115,410 SF
TOP LEASE TRANSACTIONS
• JP Morgan has signed a 144.7K SF lease in Hunt Consolidated Tower. • Apex Capital Corp has signed a 61.9K SF lease in Bank of America Tower. 5
CENTRAL INTELLIGENCE EXPRESSWAY SUBMARKET Absorption 13,163 Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
(5,639)
(44,493)
vs. Prev. Qtr
vs. 12 Mths Ago
17.7%
17.8%
15.5%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
-
30,000
Delivered SF Quoted Rates $32.93
vs. Prev. Qtr
vs. 12 Mths Ago
-
40,532
vs. Prev. Qtr
vs. 12 Mths Ago
$32.28
$31.97
VITAL STATS
20.0%
200,000
19.0%
150,000
18.0%
100,000
17 .0%
50,000
16.0%
0
15.0%
(50,000)
14.0%
(100,000)
13.0%
(150,000)
12.0%
(200,000)
11.0%
(250,000)
10.0%
(300,000) 4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
Absorption
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
Deliveries
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • A North Dallas office complex has changed hands, the latest in a series of building sales along North Central Expressway. The Meadow Central offices include two buildings with nearly 175K SF of space. The buildings were purchased by Denver-based Koelbel and Co. Buyer Koelbel and Co. also recently purchased a downtown Dallas historic property — the more than century-old Awalt Building on Market Street in the West End historic district.
DEALS IN THE MARKET • 10100 NCX – a 94,294 SF class B office building NEW DEVELOPMENTS • The Central – a 500K SF class A office tower (proposed)
• Energy Square 4 – a 400K SF class A office tower (proposed)
• The Shops at Park Lane – a 352K SF class A office TOP LEASE TRANSACTIONS • Merrill Lynch & Co., Inc has signed a 20.8K SF renewal in Premier Place.
tower (proposed)
• The Tower at Preston Hollow Village – a 260K SF class A office tower (proposed)
• Centennial Real Estate Company has signed a 1.5K SF lease in 8750 Northpark Central.
LARGE EXISTING VACANCIES • 8080 NCX – 101,019 SF • Cityplace Tower – 95,408 SF • Energy Square 2 – 71,078 SF
6
FAR NORTH DALLAS SUBMARKET INTELLIGENCE Absorption
vs. Prev. Qtr
vs. 12 Mths Ago
291,882
(770,873)
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
22.6%
22.5%
19.2%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
774,207
2,077,555
vs. Prev. Qtr
vs. 12 Mths Ago
96,523
1,717,081 Delivered SF 163,939 Quoted Rates $33.43
1,068,546
159,264
vs. Prev. Qtr
vs. 12 Mths Ago
$32.73
$32.07
VITAL STATS
25.0%
1,500,000
1,000,000
20.0%
500,000 15.0% 0 10.0% (500,000)
5.0%
(1,000,000)
0.0%
(1,500,000) 4Q 18
1Q 19
2Q 19
3Q 19
Absorption
4Q 19
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
Deliveries
2Q 21
3Q 21
4Q 21
Vacancy
Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • North Texas office buildings are hitting the market in numbers not seen since the start of the pandemic. Multiple, high profile office properties are being listed for sale or are already changing hands. Providence Towers, Spectrum Center, and the Element office buildings are some of the most notable to hit the market recently. For the first time in months, investors are seeing great opportunities to purchase. • Irving-based Koa Partners purchased Amber Trail Corporate Park near Campbell Road. The two building, 150K SF office park is more than 70% leased and Koa Partners is planning for major upgrades. The property will be rebranded as Amber Trail Office Park with Lincoln Property Co. to manage the buildings. • The new Hall Park towers are scheduled to start construction this month in Frisco. The 162-acre campus will include 2.5M SF of offices, adding to what is already the largest block of office space in Collin County. The new development will be the tallest complex yet for Hall Group at almost 20 stories. In addition to office space, they will be adding millions of SF for new retail and residential. • Hall Group is kicking off a $7B redevelopment at Frisco’s largest office employment center, Hall Park. The new construction will take place across from the Dallas Cowboys’ Frisco headquarters and its Star development. The project will include a 16-story, 410K SF office tower, a 19-story apartment building, a boutique hotel, and a 10K SF food hall. • Fortinet Inc., a California cybersecurity firm has purchased Stonebrook Office I in Frisco. The almost 90K SF building is the first phase of the Stonebrook Business Park and has been on the market since late last year. Colliers International brokered the sale of Stonebrook Office I which is almost 70% leased to various tenants. • Cousins Properties of Atlanta and Dallas’ Lincoln Property Co. are building two office towers near the northeast corner of Dallas North Tollway and Legacy Drive. Legacy Union Two and Three will be 13 stories each and the development of the first tower is expected to take only 15 months. Dallas architect HKS designed the two towers which will total nearly 650K SF combined.
TOP LEASE TRANSACTIONS • Interstate Batteries has signed a 77.5K SF lease in International Plaza II. • EvoDC McKinney Data Center has signed a 75K SF lease in Stonebridge Ranch. HLC Deal • Zimperium has signed a 12.9K SF renewal in Granite Tower. HLC • HCA Management has signed a 12.3K SF lease in Liberty Plaza II. Deal • Pacific Premier Bank has signed a 9.6K SF lease in Colonnade I. HLC • Meeting Protocol has signed an 8.5K renewal in Tollway Towers. Deal
DEALS IN THE MARKET • Spectrum Center – a 613,858 SF class A office campus • Providence Towers – a 524,143 SF class A office campus HLC • Trinity Square Plaza – a 59,828 SF class B office building Deal
NEW DEVELOPMENTS • • The Offices at The Gate | 4205 Dallas Parkway – a 1M SF class A office complex (proposed) • 15555 North Dallas Parkway – a 504K SF class A office building (proposed) • Granite Park Six | 5501 Granite Parkway – a 439K SF class A office building (proposed) • Two Legacy West | 7950 Legacy Drive – a 414K SF class A office building (proposed) • The Star - Phase IV | 17 Cowboys Way – a 299K SF class A office building (under construction) • HQ53 Phase II | 5303 Headquarters – a 250K SF class A office building (proposed) • Fourteen555 - South Building | 14545 N Dallas Parkway – a 239K SF class A office building (proposed) • Plaza at Legacy II | 5465 Legacy Drive – a 200K SF class A office building (proposed) • The Parkwood | 3930 North Dallas Parkway – a 120K SF class A office building (under construction)
LARGE EXISTING VACANCIES • • • • • •
5400 Legacy Drive – 1,587,458 SF 5320 Legacy Drive – 483,743 SF 5360 Legacy Drive – 475,885 SF Legacy Commons – 296,433 SF Liberty Mutual Campus – 278,167 SF 6400 Legacy Drive – 227,577 SF 7
FORT WORTH CENTRAL BUSINESS DISTRICT SUBMARKET INTELLIGENCE Absorption 95,661 Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
59,154
115,907
vs. Prev. Qtr
vs. 12 Mths Ago
15.6%
15.9%
14.0%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
558,000
558,000
615,062 Delivered SF 26,000 Quoted Rates $33.47
vs. Prev. Qtr
vs. 12 Mths Ago
-
-
vs. Prev. Qtr
vs. 12 Mths Ago
$33.34
$33.74
VITAL STATS
20.0%
200,000
18.0%
150,000
16.0%
100,000
14.0%
50,000
12.0% 0 10.0% (50,000) 8.0% (100,000)
6.0%
(150,000)
4.0%
(200,000)
2.0% 0.0%
(250,000) 4Q 18
1Q 19
2Q 19
3Q 19
Absorption
4Q 19
1Q 20
2Q 20
3Q 20
Deliveries
4Q 20
1Q 21
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • Following a pause in plans due to the pandemic, the
Fort Worth City Council recently approved $52M in federal American Rescue Plan Act (ARPA) funds to support the first phase of a planned expansion of the city-owned Fort Worth Convention Center (FWCC). The downtown facility’s $500M expansion, which had been in the planning stages for several years to attract and accommodate larger trade shows and meetings, was about to begin with robust funding from hotel occupancy taxes when the COVID-19 shutdown began in 2020, according to city officials. According to FWCC officials, the expansion project will take place in two phases, with the first phase designed to prepare the venue to operate during the second phase. It will include the construction of new food and beverage facilities, the relocation of a city street in order to create a site for a future convention hotel, and the rebuilding of the facility’s loading docks. This initial phase is fully funded and expected to start in the spring of 2023.
• Apex Capital Corp., a leading freight factoring company
for the trucking industry, is relocating its headquarters to downtown Fort Worth. The company has signed a lease for 61,944 SF of office space across three floors in the Bank of America Tower in downtown Fort Worth. “Apex was founded in a small, rented room on Cockrell Avenue,” said David Baker, CEO of Apex Capital Corp. “Today, we are a top factoring company in the U.S. that is recognized as one of the best companies to work for in Texas and Fort Worth. We are a homegrown success story with more than 300 employees who will enjoy all the amenities of working in City Center and the conveniences that are just steps away in downtown Fort Worth. We are super excited about relocating downtown and we look forward to moving into the Bank of America Tower in 2022.”
8
TOP LEASE TRANSACTIONS • APEX Capital has signed a 61,944 SF lease in Bank of America Tower.
• Smart Action has signed a 8,602 SF lease in the Fort Worth Club.
DEALS IN THE MARKET • 307-309 West 7th Street – a 439,802 SF class B office building
• 115 West 7th Street – a 300,347 SF class B office building
• 110 West 7th Street – a 101,390 SF class B office building
LARGE EXISTING VACANCIES • 115 West 7th Street – a 186,684 SF • The Tower Annex – a 68,136 SF • Bank of America Tower – a 62,660 SF • Frost Tower – a 54,780 SF • Burnett Plaza – a 52,502 SF • 777 Main – a 47,862 SF • 300 Burnett Street – a 36,098 SF • Oil & Gas | Star-Telegram Building – a 33,033 SF
LAS COLINAS SUBMARKET INTELLIGENCE Absorption
vs. Prev. Qtr
vs. 12 Mths Ago
203,041
(107,729)
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
20.2%
20.0%
18.4%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
985,146
599,532
vs. Prev. Qtr
vs. 12 Mths Ago
-
44,607
vs. Prev. Qtr
vs. 12 Mths Ago
$26.97
$27.09
(82,126)
1,161,146 Delivered SF Quoted Rates $27.22
VITAL STATS
25.0%
2,000,000
1,500,000 20.0% 1,000,000 15.0%
500,000
0
10.0%
(500,000) 5.0% (1,000,000)
0.0%
(1,500,000) 4Q 18
1Q 19
2Q 19
3Q 19
Absorption
4Q 19
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
Deliveries
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS
• A start-up Dallas real estate firm is targeting big office buys in major Texas markets. Apricus Realty Capital’s new investment fund plans to invest in first class office properties valued at $100 million and more in North Texas, Houston, and Austin. The firm has completed an initial raise of capital to fund its efforts and they hope to obtain additional funding from private individuals and institutional backers.
TOP LEASE TRANSACTIONS
• Curative Talent has signed a 50K SF lease in Toyota Music Factory. • Cash Call has signed a 40K SF renewal in 3660 Regent Boulevard. • MMC Group has signed a 13.5K SF renewal in Crestview Tower. • OrangeGrid has signed a 9.6K SF lease in Lakeside International Office Center.
HLC Deal
DEALS IN THE MARKET
• Riverside Commons – a 469,214 SF class A office campus • The Point at Las Colinas – a 406,429 SF class A office building • Fuller Ridge I & II – a 285,656 SF class B office campus
NEW DEVELOPMENTS
• Freeport Commons – a 1.2M SF class A office park (proposed) • 2999 Olympus Boulevard – a 300K SF class A office park (under construction) • West Gate at Coppell – a 240K SF class A office building (proposed) • Las Colinas Corporate Center II – a 200K SF class A office building (proposed) • 9000 Olympus Boulevard – a 176K SF class A office park (proposed) •
LARGE EXISTING VACANCIES • • • • • • • • • •
6000 Connection – 292,072 SF One MacArthur Ridge – 249,838 SF Regent Commons – 214,985 SF Intellicenter - Dallas – 200,987 SF Williams Square West – 189,396 SF Horizon Way Business Park – 180,788 SF Williams Square Central – 174,560 SF Browning Place III – 170,848 SF Las Colinas Connection – 138,850 SF Las Colinas Corporate Center I – 137,145 SF
9
LBJ SUBMARKET INTELLIGENCE Absorption
vs. Prev. Qtr
vs. 12 Mths Ago
(289,250)
(93,066)
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
24.5%
24.6%
21.2%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
12,000
107,000
vs. Prev. Qtr
vs. 12 Mths Ago
(46,469)
12,000 Delivered SF Quoted Rates $24.92
107,000
-
vs. Prev. Qtr
vs. 12 Mths Ago
$24.53
$23.84
VITAL STATS
30.0%
300,000 200,000
25.0%
100,000 20.0%
0 (100,000)
15.0%
(200,000)
10.0%
(300,000) 5.0%
(400,000) (500,000)
0.0% 4Q 18
1Q 19
2Q 19
3Q 19
Absorption
4Q 19
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
Deliveries
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • The Towers at Park Central 7, 8, and 9 hit the market this week as one of the largest campuses along LBJ Freeway for sale. The 14-story to 8-story buildings contain almost 850K SF of space and have an unmatched amenity base. The three office towers are near the southwest corner of LBJ Freeway and North Central Expressway and are being marketed for sale by Jones Lang LaSalle. Notable tenants include Interstate Battery System of America, Veritex Community Bank, Arthur J. Gallagher & Co., and SCP Health.
TOP LEASE TRANSACTIONS • Huselton, Morgan & Maultsby has signed a 16.4K SF lease in Pinnacle Tower.
• Slalom has signed a 15K SF lease in Lincoln Centre. • N Dallas Chamber of Commerce has signed a 4.7K SF
HLC Deal
lease in Midtown Office Center.
10
DEALS IN THE MARKET • Element Towers – a 671,759 SF class A office campus • One Hillcrest – a 106,329 SF class B office building NEW DEVELOPMENTS • Park Heritage – 1.15M SF (proposed) • Four Lincoln Centre – 400K SF (proposed) • Park Tower at Dallas Midtown – 376,870 SF (proposed) • The Inwood at Alpha West – 330K SF (proposed) LARGE EXISTING VACANCIES • Park Central 8 – 225,924 SF • Three Galleria Tower – 133,888 SF • Pinnacle Tower – 98,412 SF • The Crossings II – 75,099 SF • The Hightower – 66,609 SF • One Lincoln Centre – 66,094 SF • Lake Highlands Tower – 56,650 SF
MIDINTELLIGENCE CITIES SUBMARKET Absorption
vs. Prev. Qtr
vs. 12 Mths Ago
92,221
(4,470)
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
12.0%
19.4%
19.5%
19.5%
10.0%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
107,484
Delivered SF 127,640 Quoted Rates $20.39
127,640
233,224
vs. Prev. Qtr
vs. 12 Mths Ago
48,000
20,000
vs. Prev. Qtr
vs. 12 Mths Ago
$20.18
$20.54
VITAL STATS
16.0%
2,000,000
14.0% 1,500,000
1,000,000
8.0% 500,000
6.0% 4.0%
0 2.0% 0.0%
(500,000) 4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
1Q 20
Absorption
2Q 20
3Q 20
Deliveries
4Q 20
1Q 21
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • Dodson Commercial Real Estate broke ground
Wednesday on a mixed-use development that will bring new restaurants, retail, apartments, and offices to Front Street in Downtown Arlington. The project is an expansion of Dodson Commercial Real Estate’s Urban Union district, which opened in 2016 and is home to locations such as Sugar Bee Sweets Bakery, Legal Draft Beer Co., Cane Rosso, Hurtado Barbecue, and 4 Kahunas Tiki Lounge. The addition of five multi-story buildings will expand the Urban Union district to the west, connecting it to the Vandergriff Town Center and creating five city blocks of walkable, Downtown charm, the developer said. Construction is set to be complete in early 2023. Arlington accounting firm Sutton Frost Cary LLP also announced it will relocate its headquarters to the new development. The news of the relocation is a significant move for Downtown Arlington as it marks the first newly built office building of this scale, in the heart of the city, in decades, Dodson said.
• Office leasing momentum has continued in Arlington,
spurred along by small, localized tenants that are helping the submarket outpace the overall region. Leasing activity totaled about 362K SF in Arlington and Mansfield as of August, following last year’s total leasing activity of 622K SF. Across Arlington and Mansfield, the submarket’s office vacancy is about 9%, well below the North Texas average of about 18%, according to the TXRE Properties Report. Arlington’s inventory involves smaller owner and user office space. Class A and B buildings are sparse in the city, a situation he doesn’t see changing any time soon with the rise of land costs and construction costs.
TOP LEASE TRANSACTIONS • Test Equity has signed a 21,851 SF lease in 9151 HLC Deal
Grapevine Highway.
• An undisclosed Tenant has signed a 14,950 SF lease in the Arbors at Brookhollow.
• ABC Behavioral Health has signed a 7,600 SF lease in 8317 Whitley Road.
DEALS IN THE MARKET • 4501 New York Avenue – a 175,537 SF class A office building
• Richland Corporate Centre – a 142,425 SF class A office building
• 3400 William D Tate – a 56,520 SF class B office building
NEW DEVELOPMENTS • 2170 East Lamar Boulevard – a 61,500 SF class A office building
• 2101 Westpark Court – a 60K SF class A medical office building
LARGE EXISTING VACANCIES • Ballpark Circle – 117,595 SF • 2208 Highway 121 – 58,647 SF • 500 East Border Street – 42,668 SF & 41,863 SF • 2201 North Collins Street – 39,632 SF • 1701 East Lamar – 20,897 SF
11
NORTH FORT WORTH SUBMARKET INTELLIGENCE Absorption (18,189)
vs. Prev. Qtr
vs. 12 Mths Ago
(66,421)
(250,132)
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
22.9%
22.8%
19.4%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
-
-
Delivered SF Quoted Rates $34.93
vs. Prev. Qtr
vs. 12 Mths Ago
-
-
vs. Prev. Qtr
vs. 12 Mths Ago
$34.88
$35.72
VITAL STATS
12.0%
250,000 200,000
10.0% 150,000 100,000
8.0%
50,000 6.0% 0 4.0%
(50,000) (100,000)
2.0% (150,000) 0.0%
(200,000) 4Q 18
1Q 19
2Q 19
3Q 19
Absorption
4Q 19
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
Deliveries
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • The Fort Worth Stockyards are a relic of the past that were given new life, but what shape that could take going forward remains unknown. The Stockyards Heritage Development Company’s redevelopment of the area measures as a success by any metric, including a staggering increase in the number of visits, which have more than doubled. On the heels of that success, more development is on the way with plans for multifamily, expanded entertainment and additional hospitality on the docket. In the end, developers hope to turn the Stockyards into a “mini-Nashville” complete with places to live, work and play. Craig Cavileer is a managing partner for the Stockyards Heritage Development Company, a partnership between the Hickman Companies and Majestic Realty Company, where he also serves as executive vice president. The partnership is behind the Mule Alley renovation and the addition of Hotel Drover in the Stockyards. Cavileer said he would like to see different levels of hospitality, hotel and office products in the area. Expanded entertainment could veer from contestant sports into more spectator events like live music. Right now, the partnership is testing the living portion with multifamily development, he said. • The folks at Hillwood have big plans for Alliance Town Center, and the current development plan for the area calls for more than 1M SF of additional office space. Hillwood recently announced Hillwood Commons II, a building that will total 135K SF feet of speculative office space. This building is the first of a pair in the 900-acre development in North Fort Worth and will be designed as a standalone building with the ability to expand up to 270K SF feet. “In addition to developing and marketing this building, what we’re really focused on is building and developing a community,” said Steve Aldrich, senior vice president of Hillwood. “I think community is a huge component of what people want.” Alliance Town Center is a mixed-use project with more than 1M SF of existing retail, three hospitals, additional medical office space, and about 3K multifamily units. Office space in the area consists of Hillwood Commons I, a 155K SF building, and the Federal Aviation Administration’s Southwest regional headquarters
12
TOP LEASE TRANSACTIONS • An undisclosed Tenant has signed a 6,300 SF lease at 522 Benson Lane. • Bancorp has signed a 5,534 SF lease at 111 NW 24th Street.
DEALS IN THE MARKET • 201 North Rupert Street – a 35,097 SF class B office building • 8224 White Settlement Road – a 27,716 SF class B office building • 724 North Jim Wright Freeway – a 23,671 SF class B office building
NEW DEVELOPMENTS • 12600 Willow Springs Road – a 54K SF class A office building set to deliver October 2022 • 3349 Golden Triangle – a 27K SF class A office building set to deliver October 2022 • 3800 N Tarrant Parkway – a 19K SF class B office building set to deliver May 2022
LARGE EXISTING VACANCIES • 13650 Heritage Parkway – 164,333 SF • 14600 Heritage Parkway – 50K SF (sublease) • 13601 Heritage Parkway – 26,059 SF
PRESTON CENTER SUBMARKET INTELLIGENCE Absorption 203,324 Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
(1,428)
(21,768)
vs. Prev. Qtr
vs. 12 Mths Ago
12.1%
11.3%
10.4%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
688,368
297,000
vs. Prev. Qtr
vs. 12 Mths Ago
-
-
vs. Prev. Qtr
vs. 12 Mths Ago
$42.12
$41.79
391,368 Delivered SF 297,000 Quoted Rates $39.87
VITAL STATS
14.0%
350,000 300,000
12.0% 250,000 10.0%
200,000 150,000
8.0%
100,000 6.0%
50,000 0
4.0%
(50,000) 2.0% (100,000) 0.0%
(150,000) 4Q 18
1Q 19
2Q 19
3Q 19
Absorption
4Q 19
1Q 20
2Q 20
3Q 20
Deliveries
4Q 20
1Q 21
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • The Terraces at Douglas Center has sold for $133.5 million.
The more than 173K SF building was purchased by City Office REIT at $773 per SF. The Terraces at Douglas was built in 2017 and is almost fully leased. Vancouver-based City Office REIT owns 58 office buildings with 5.5M SF in Dallas, Denver, Orlando, Phoenix, Portland, San Diego, Seattle, and Tampa. Preston Center has some of the highest office rental rates in Dallas and the sale of this building is another representation of the Dallas office market rebounding after COVID-19.
TOP LEASE TRANSACTIONS • Kirkland & Ellis has signed a 47.8K SF lease in Weir’s Plaza.
• Fortress Investment Group has signed a 23.9K SF lease in Weir’s Plaza.
• Allred Capital Management has signed a 2.8K SF lease in 8333 Douglas at Douglas Center.
NEW DEVELOPMENTS • 8111 Douglas – a 318K SF class A office building LARGE EXISTING VACANCIES • Bluffview Towers – West – 70,266 SF • 8343 Douglas at Douglas Center – 64,278 SF
13
RICHARDSON/PLANO/ALLEN/MCKINNEY SUBMARKET INTELLIGENCE Absorption 254,668 Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
(165,865)
78,146
vs. Prev. Qtr
vs. 12 Mths Ago
18.0%
18.9%
17.4%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
94,400
56,100
vs. Prev. Qtr
vs. 12 Mths Ago
300,192 Delivered SF
VITAL STATS
19.5%
400,000
19.0%
300,000
18.5%
200,000 100,000
18.0%
0
17 .5%
(100,000) 17 .0% (200,000) 16.5%
(300,000)
16.0%
(400,000)
15.5%
Quoted Rates $23.76
-
5,000
vs. Prev. Qtr
vs. 12 Mths Ago
$23.49
$23.86
(500,000)
15.0%
(600,000)
14.5%
(700,000) 4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
1Q 20
Absorption
2Q 20
3Q 20
4Q 20
1Q 21
Deliveries
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • Dallas-based Ryan LLC, the world’s largest firm dedicated to business taxes, is developing a new corporate headquarters in Plano. Construction will begin in early 2022 on the new 24-story, 400K SF office tower. The office tower is part of a $338M development which could include a second tower at full build out. Ryan claims its selection of Legacy West is purposeful due to unparalleled amenities and many employees already living in Plano and Frisco. • Samsung is expanding their regional office center once again. The company moved to the Legacy Central business campus in 2018 where they leased more than 200K SF of space. Then, in 2020, they expanded 75K SF. The global tech giant now has plans to expand an additional 60K SF making them the largest tenant at Legacy Central. Other major tenants include mortgage firm Freddie Mac and fitness product company Peloton. • Vanguard, one of the country’s largest investment advisers, has opened up its fifth U.S. office location in The Liberty Mutual Insurance Towers in Plano. The firm is renovating three floors of the office tower complex, each floor measuring about 35K SF. The remodel is set to cost more than $7M and they plan to move in by May of 2023. • Custer Court has been sold to Missouri-based investor Larson Capital Management. The 121,600 SF property is located on the south side of Bush Turnpike near Texas Instruments’ new plant under construction. Chicago-based Origin Investments sold the building to Larson Capital Management and Newmark brokered the sale. Holt Lunsford Commercial will be leasing and managing the property. • Chicago-based Ventas Inc. has purchased the Parkside on Legacy in Plano. The more than 100K SF office is located in Plano’s Legacy business park, east of Dallas North Tollway. Ventas is one of the largest ownerships of healthcare real estate and owns more than 1,200 properties in the United States, Canada, and the United Kingdom. The Plano building sale is the latest of multiple office building sales in North Texas in the past few months.
HLC Deal
14
TOP LEASE TRANSACTIONS • Raytheon has signed a 251.3K SF lease in 465 Independence Parkway.
• Longhill Optimum Enterprises has signed a 6.6K SF lease
HLC Deal
in Central 500.
DEALS IN THE MARKET • Greenway Plaza I & III – a 141,950 SF class A office campus
NEW DEVELOPMENTS • Monarch City Office – a 2M SF class A office complex (proposed)
• CityLine – a 2M SF class A office complex (proposed) • 7 CityLine – a 417K SF class A office building (proposed) • Legacy Central 5 – a 300K SF class A office building (proposed)
• One Heritage Creekside – a 250K SF class A office building (proposed)
• One Bethany Central – a 250K SF class A office building (proposed)
LARGE EXISTING VACANCIES • 601 Data – 423,123 SF • 3400 Cityline – 215,132 SF • 2200 George Bush – 176,831 SF • 1125 East Campbell – 168,968 SF • Lookout Park I – 156,219 SF • Cardinal Park 8 – 142,356 SF
SOUTHWESTINTELLIGENCE FORT WORTH SUBMARKET Absorption
vs. Prev. Qtr
vs. 12 Mths Ago
158,027
(16,285)
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
12.4%
14.3%
13.8%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
626,000
986,000
vs. Prev. Qtr
vs. 12 Mths Ago
570,130
186,000 Delivered SF 440,000 Quoted Rates $29.08
360,000
-
vs. Prev. Qtr
vs. 12 Mths Ago
$30.10
$35.40
VITAL STATS
12.0%
150,000
100,000
10.0%
50,000 8.0% 0 6.0% (50,000) 4.0% (100,000) 2.0%
(150,000)
0.0%
(200,000) 4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
1Q 20
Absorption
2Q 20
3Q 20
4Q 20
1Q 21
Deliveries
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • The U.S. Army Corps of Engineers announced $403M
in funding for the Panther Island project in Fort Worth, a needed boost for the controversial flood control effort aimed at rerouting a section of the Trinity River near downtown. U.S. Rep. Kay Granger, R-Fort Worth, confirmed the Corps of Engineers funding for the project, also known as the Central City Flood Control Project, calling the news “a great day for Fort Worth.” The Panther Island project started as a plan for flood control nearly two decades ago, but over the years, the project has grown to have a $1.1B price tag with plans for housing developments, office space, and entertainment venues. The idea was inspired by San Antonio’s River Walk. Before the Corps of Engineers’ announcement this week, the Panther Island project had received only $62M from the federal government, according to the Fort Worth Star-Telegram.
• SkyWalker Property Partners has sold a fully leased
medical office project in southwest Fort Worth to Ridgeline Capital Partners LLC. Completed in the spring, the 20,200 SF structure was built on the last commercial tract in the Edwards family’s Clearfork West development. Located at 5612 Edwards Ranch Road, the two-story MOB was developed by SkyWalker Property through its tenant partnership program. Dr. Nathan Lesley of the Hand to Shoulder Center is SkyWalker’s partner in the project and the building’s primary occupant. The balance of the structure is leased to Dr. Amber Lesley, a primary care physician with Texas Healthcare, and Lesley’s wife, and their associates. The two-story structure represents SkyWalker’s first foray into ground-up development for the tenant partnership program. “The Lesleys started out by pre-leasing part of the building and quickly expanded after a few months at this location,” Walker explains.
TOP LEASE TRANSACTIONS • Chalk Mountain has signed a 12,101 SF lease in 1701 River Run.
• Blackbeard Operating has signed a 11,255 SF lease in 1701 River Run.
• Composite Cooling Solutions has signed a 7,808 SF
HLC Deal
renewal at Overton Centre.
DEALS IN THE MARKET • 101 South Jim Wright Freeway – a 55K SF class B office building
• 108 South Freeway – a 41,427 SF class C office building
• 111 Boland Street – a 40,080 SF class A office building NEW DEVELOPMENTS • The Van Zandt – 111,228 SF class A office building set to deliver December 2023
• 1320 Hemphill Street – a 48,594 SF class A office building set to deliver February 2022
• Triune Centre – a 30K SF class A office building set to deliver October 2022
• 4000 Bryant Irvin – a 18,194 SF class A office building set to deliver April 2022
LARGE EXISTING VACANCIES • 405 West Loop 820 – a 101,043 SF class B vacancy • Western Place II – a 69,257 SF class B vacancy • 200 Bailey Avenue – a 43,470 SF class B vacancy • One Ridgmar Centre – a 36,796 SF class A vacancy • Western Place I – a 19,871 SF class B vacancy
15
STEMMONS SUBMARKET INTELLIGENCE Absorption
vs. Prev. Qtr
vs. 12 Mths Ago
100,543
48,474
Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
22.8%
22.3%
22.1%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
-
-
vs. Prev. Qtr
vs. 12 Mths Ago
-
-
vs. Prev. Qtr
vs. 12 Mths Ago
$20.69
$20.54
(70,534)
Delivered SF Quoted Rates $20.89
VITAL STATS 23.5%
150,000
23.0%
100,000
22.5%
50,000
22.0%
0
21.5%
(50,000)
21.0%
(100,000)
20.5%
(150,000)
20.0%
(200,000)
19.5%
(250,000) 4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
1Q 20
Absorption
2Q 20
3Q 20
4Q 20
1Q 21
2Q 21
Deliveries
3Q 21
4Q 21
Vacancy
Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • Dallas-based ride share company Alto is taking 16K
SF in 141 Manufacturing Street. Quadrant Investment Properties’ Manufacturing District is a series of commercial buildings that are being renovated into creative office and commercial space. Alto’s new headquarters will open early next year and house the executives, engineering, marketing, and operations teams.
NEW DEVELOPMENTS • West Love | 1345 Mockingbird Lane – a 600K SF class A office building (proposed)
• West Love | 2345 Mockingbird Lane – a 250K SF class A office building (proposed)
• The Design District Tower – a 243,100 SF class A office building (proposed)
• 1333 Oak Lawn Avenue – a 122,768 SF class A office building (proposed)
• 1400 W Mockingbird Lane – a 66,504 SF class A office building (proposed)
• 111 Glass Street – a 30K SF class B office building (proposed)
LARGE EXISTING VACANCIES • Pegasus Park – 152,071 SF • The Connection at 8600 – 101,530 SF • 8777 N Stemmons – 76,968 SF
16
SUBMARKETUPTOWN INTELLIGENCE Absorption 211,914 Vacancy
vs. Prev. Qtr
vs. 12 Mths Ago
55,788
(95,770)
vs. Prev. Qtr
vs. 12 Mths Ago
18.4%
16.5%
15.7%
U/C SF
vs. Prev. Qtr
vs. 12 Mths Ago
513,545 Delivered SF 656,078 Quoted Rates $41.17
1,169,623
656,078
vs. Prev. Qtr
vs. 12 Mths Ago
-
-
vs. Prev. Qtr
vs. 12 Mths Ago
$41.43
$41.75
VITAL STATS
20.0%
800,000 700,000
18.0%
600,000
16.0%
500,000
14.0%
400,000
12.0%
300,000 10.0% 200,000 8.0%
100,000
6.0%
0
4.0%
(100,000)
2.0%
(200,000)
0.0%
(300,000) 4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
Absorption
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
Deliveries
2Q 21
3Q 21
4Q 21
Vacancy Source: CoStar 4Q 2021 Office Report
CURRENT EVENTS • After 14 years, WFAA-TV (Channel 8) is leaving its
•
•
•
•
Victory Park location to build a new studio. The Tegnaowned ABC affiliate is remodeling existing space on the second floor of its 606 Young Street office located by the Omni Dallas hotel and the former headquarters of The Dallas Morning News. The renovation has an estimated cost of $850K but will save WFAA-TV money over time as office rental rates continue to climb in Uptown. Trammel Crow is teaming up with Michael Dell’s investment firm for a new project south of Knox. The 4-acre development along Travis Street will include office space, luxury residential units, a boutique hotel, retail, and a park. The office building will be six stories with ground-floor retail space facing Knox. In addition to the office tower, the hotel and residential buildings will surround a small park facing the Katy Trail. Construction will begin next year, and the project is set to deliver in early 2025. The Dallas City Council is considering giving CBRE a $250K grant and electing the company for $3.45M in state economic incentives if they agree to build a new office tower and create additional jobs. In order to receive the financial incentives, the tower would be at minimum 600K SF and would be delivered by December 31, 2024, in Uptown. The company would also partner with universities in Southern Dallas to create commercial property work programs and an innovation center. The city is scheduled to vote on the proposal soon. Weir’s Plaza is under construction on Knox Street and just picked up five new rental transactions, bringing the building to more than 75% pre-leased. The tenants include Eastdil Secured, Lynch Holdings, Pinebridge Investments, Inverdale Capital Management, and Christie’s Inc. They signed leases for more than $55 per SF, one of the highest rates in Dallas. The more than 500K SF tower includes a restaurant and retail space, a fitness center, Weir’s Furniture store, and is scheduled to deliver by the end of the year. Two new office towers will open their doors without much competition since developers put a pause on office projects during the pandemic. Kaizen Development’s
Link at Uptown tower and Hillwood Urban’s Victory Commons One are the first Class AA office towers to deliver in a post-COVID world. Last quarter, Uptown vacancy rates were the lowest in Dallas and high-quality office space continues to be leased up. In addition to the Link at Uptown and Victory Commons One, more office towers north of downtown are set to deliver after 2022.
TOP LEASE TRANSACTIONS • S2 Capital, LLC has signed a 25K SF lease in Harwood 14.
NEW DEVELOPMENTS • 2401 McKinney – a 673,245 SF office building (proposed)
• 2323 Cedar Springs Road – a 623,610 SF office building (proposed)
• Harwood XII – a 541,640 SF office building (proposed) • McKinney & Lemmon – a 487K SF office building (proposed)
• Victory Center | 2371 Victory Avenue – a 466K SF office building (proposed)
• Harwood No. 14 – a 359,914 SF office building (under construction)
• The Quad | 2699 Howell Street – a 335K SF office building (proposed)
• 2727 Turtle Creek – a 260,072 SF office building (proposed)
• The Fairmount Building – a 62,960 SF office building (proposed)
LARGE EXISTING VACANCIES • The Link at Uptown – 195,948 SF • Parkside Tower – 111,728 SF • 2501 Cedar Springs – 110,415 SF • The Centrum – 108,021 SF • 2401 Cedar Springs – 56,997 SF • 1845 Woodall Rodgers – 51,468 SF • 2000 McKinney Avenue – 51,006 SF 17
DALLAS
5950 Berkshire Lane Suite 900 Dallas, Texas 75225 T 972.241.8300 F 972.241.7955
FORT WORTH
1200 Summit Avenue Suite 300 Fort Worth, Texas 76102 T 817.710.1110 F 817.810.9017
www.holtlunsford.com
HOUSTON
11451 Katy Freeway Suite 300 Houston, Texas 77079 T 713.850.8500 F 713.850.8550