Scorecard: Spring 2017

The largest leases in North Texas



The overall markets for office and industrial leases remain strong in the Dallas-Fort Worth area. Companies continued to move to Dallas-Fort Worth, many seeking amenity-rich buildings in prime locations. The retail sector saw several large lease deals spread throughout the area. Here, we examine the top five office, industrial, and retail leases in the past three months throughout North Texas. As always, data is provide by Xceligent Inc.

 

ON-THE-GROUND INSIGHT

 

“Corporations are seeking amenity-rich offices and locations that cultivate environments which reflect their brand and culture. DFW is one of the top destinations for millennials, and developers and existing landlords are focusing on creating work/life synergy for this growing workforce to thrive.”

JIHANE BOURY
Executive Vice President, Colliers International

 

“Demand for office space in the first quarter of 2017 was very strong. We saw several dozen new requirements over 20,000 square feet hit the market. I do expect vacancy rates (direct and sublease) to rise, as leasing plays catch-up with development.”

NATALIE SNYDER BODE
Director, Cushman & Wakefield

 

“Industrial demand, led by new jobs, population growth, and e-commerce initiatives, remains robust. The overall supply/demand fundamentals are as healthy as ever, despite the perpetual question of ‘what inning we are in’ that so many continue to ponder. We see no signs of a slowdown as we head into Q2.”

CANNON GREEN
Managing Director and Partner, Stream Realty

 

“The DFW retail sector is firing on all cylinders with occupancy levels the highest in 30 years. Rapidly advancing technology and demands from consumers will push retailers to adapt, improve, and integrate technology into the physical store experience.”

KARLA SMITH
Senior Vice President, CBRE

 

 

 

LARGEST OFFICE LEASES

 

1. BRINKER INTERNATIONAL

SIZE: 216,300 square feet
TENANT REPS: Rick Hughes, Maureen Kelly Cooper, and Robbie Baty of Cushman & Wakefield
LEASING AGENT: Marijke Lantz of Billingsley Co.
DETAILS: After occupying space along LBJ Freeway in Dallas since the 1980s, the restaurant company behind Chili’s and Maggiano’s has leased a new build-to-suit at Cypress Waters, developed by Billingsley Co.

 

2. GOLDMAN SACHS

SIZE: 175,000 square feet
TENANT REPS: Lewis Miller, Jeff Ellerman, and John Ellerman of CBRE represented Goldman Sachs
LEASING AGENT: Ramsey March, Sara Terry and Scott Sowanick of Stream Realty Partners

DETAILS: Financial giant Goldman Sachs has signed a lease deal to take seven floors within the 50-story Trammell Crow Center at 2001 Ross Ave. in the Dallas Arts District. The building will undergo a massive renovation. Move-in is expected in early 2018.

 

3. THE DALLAS MORNING NEWS

SIZE: 90,000 square feet

TENANT REPS: Phil Puckett, Jeff Ellerman of CBRE
LEASING AGENT:  Russ Johnson of Peloton Commercial Real Estate, Michael VanHuss of Commerce Statler Development LLC
DETAILS: The daily newspaper company will occupy all 90,000 square feet of The Old Dallas Library that sits adjacent to the historic Statler Hotel renovation. The company signed a 16-year lease, moving The Dallas Morning News to other side of downtown Dallas from its present location.

 

4. BANK OF AMERICA

SIZE: 68,000 square feet
TENANT REPS: Blake Lloyd with CBRE
LEASING AGENT: Bill Booker and Robert Gamblin for Sundance Square
DETAILS: The Sundance Square Tower 2 in downtown Fort Worth will be renamed Bank of America Tower in Sundance Square. Roughly 180 employees will work there. The move is a part of BofA’s North Texas expansion.

 

5. SEVICE KING

SIZE: 64,916 square feet
TENANT REPS: Steve Thelen and Kimarie Ankenbrand of JLL
LEASING AGENTS: Chris Taylor of Cushman & Wakefield and Russ Johnson of Peloton Commercial Real Estate
DETAILS: The automotive repair company will move its headquarters to the newly renovated Galatyn Commons in Richardson this summer. Dallas-based Corgan has been selected to design Service King’s office interiors.

 

 

LARGEST INDUSTRIAL LEASES

 

1. UNITED PARCEL SERVICE

SIZE: 1 million square feet
DETAILS: UPS will lease the almost-completed 1-million-square-foot facility in the Arlington Commerce Center industrial park. The new regional hub is south of Interstate 20 near Bardin Road and State Highway 360. UPS will add another 200,000 square feet. The facility should be in full operation late next year with 1,400 workers.

 

2. SHIPPERS WAREHOUSE INC.

SIZE: 556,000 square feet
TENANT REPS: Al Leon, Larry Leon of Logistics Realty
LEASING AGENT: Matt Hyman
DETAILS: The logistics company has signed a long-term lease for 556,000 square feet for a build-to-suit distribution facility within Prime Pointe industrial park near Interstate 45 and E. Wintergreen Road in Hutchins near the Union Pacific Intermodal Terminal.

 

3. GEODIS

SIZE: 229,000 square feet
TENANT REP: Ann Huntington
LEASING AGENTS: Liberty Property
DETAILS: Geodis Logistics leased the space at 951 Valley View Lane in Irving from Liberty Property. Geodes is one of North America’s largest third-party logistics providers.

 

4. CHEP USA

SIZE: 200,000 square feet
TENANT REPS: Cushman & Wakefield

LEASING AGENTS: Cannon Green, Matt Dornan, and Ryan Walcott of Stream Realty Partners

DETAILS: The logistics solutions provider renewed and expanded into a 200,000-square-foot lease at 1201 Big Town Blvd. in Dallas.

 

5. PLATINUM PRESS

SIZE: 150,000 square feet

TENANT REP: ML Realty Partners
DETAILS: The supplier of health-care packaging solutions signed a lease for 150,000 square feet of space at 4251 Empire Road in Fort Worth.

 

 

LARGEST RETAIL LEASES

 

1. WEST VICTORY PLAZA

SIZE: 24,002
TENANT REP: Harrison Hughes of Viceroy Realty Advisors
LEASING AGENT: Daniel Goldware of Trademark Property Co.
DETAILS: 8020 Hospitality and Brooke Humphries will open a 24,022-square-foot restaurant and entertainment concept occupying the entire ground floor of the west Victory Plaza building in the space formerly occupied by Nove and N9NE. Led by Elias Pope, 8020 Hospitality’s other DFW-area concepts include HG Sply Co. and Standard Service.

2. TEXAS FAMILY FITNESS

SIZE: 23,000 square feet
TENANT REP: Dan Avnery, NAI Robert Lynn
LANDLORD: Goveia Commercial Real Estate

DETAILS: The lease is at Main Marketplace at FM 423 and King Road NW in Little Elm

3. TEXAS FAMILY FITNESS

SIZE: 21,000 square feet
TENANT REP: Dan Avnery, NAI Robert Lynn
LANDLORD:  Sam Moon Properties
LEASING AGENTS: Andrew Sudderth and Brandon Trimble, The Retail Connection
DETAILS: This fitness center will be in the  Sam Moon Center, 9120 North Freeway in North Fort Worth

4. TEXAS FAMILY FITNESS

SIZE: 20,700 square feet
TENANT REP: Dan Avnery, NAI Robert Lynn
LEASING AGENTS:  Brad Quine and Randy Scott of Quine & Associates
|DETAILS: The new fitness center will be in  Cimarron Plaza, 1320 Airport Freeway, in Bedford

5. TUESDAY MORNING

SIZE: 14,000 square feet
TENANT REPS: Jeremy Zidell with The Retail Connection
LEASING AGENTS: Easley Waggoner Jr. and Amanda Throckmorton of Venture Commercial
DETAILS: Dallas-based Tuesday Morning expanded its footprint in Hulen Fashion Center in Fort Worth by signing a lease expansion adding 5,000 square feet to bring its total to 14,000 square feet.