Northwood Lands Health-Care Tenant in North Dallas
- Jan 27, 2021
Catapult Health, a national provider of preventive checkups, has signed a 30,656-square-foot office lease at Prestonwood Place, a 133,353-square-foot, retail and office mixed-use development in Dallas. Transwestern represented the tenant, while CBRE assisted the landlord, Northwood Investors.
In 2020, the property located in the Addison area received a series of upgrades, including new office space and retail options. The new tenant is set to occupy space at Offices at Prestonwood Place, a 56,085-square-foot, two-story building.
Located at 5294 Belt Line Road on 16 acres, Prestonwood is close to North Dallas Tollway, roughly 2 miles north of Interstate 635. The North Dallas Tollway corridor offers many retail and dining options, a handful of which are within walking distance of Catapult Health’s new base. Downtown Dallas is 13 miles from the property. Catapult is relocating from its previous location at 8144 Walnut Hill Lane, which is within 7 miles of the new site.
CBRE’s leasing team included Executive Vice President Trey Smith, along with Senior Vice Presidents Lauren Napper and Ward Eastman. Transwestern Principal Michael Griffin assisted the tenant. This month, the company also brokered a 123,844-square-foot lease deal at an industrial property in Irving, Texas.
Dallas office market stays on course
The Dallas-Fort Worth office vacancy rate remained stable in the fourth quarter of 2020, at around 19 percent, according to a recent Newmark report. Direct leasing saw an increase in the year’s last quarter, clocking in at 2.5 million square feet.
Far North Dallas, the metro’s largest submarket and one of the fastest-growing, accounted for both the highest absorption in the fourth quarter and the largest pipeline going into 2021. The submarket that also includes the Offices at Prestonwood Place had more than 2.2 million square feet of office space underway going into the fourth quarter, Newmark data shows.
Not far from Catapult’s new base, Southwestern Health Resources signed a long-term lease for 150,000 square feet at Browning Place in Farmers Branch, Texas, just last month. The transaction was one of the largest Metroplex office leases of last year.