Stream, Chief Partners to Meet Corporate-User Demand in Dallas’ Market
- Feb 06, 2015
A joint venture between Stream Realty Partners and Chief Partners are developing Connection Park, a two-building, Class A speculative office park totaling 304,714 square feet in Dallas’ Las Colinas submarket.
HFF arranged construction financing and joint venture equity for the developers.
“We’re going to construct a 304,000-sqaure-foot corporate campus that offers highly efficient floor plates and a design that really exceeds comparable product within the market,” Chris Jackson, Stream Realty’s managing partner, told Commercial Property Executive. “It’s a fantastic location within one of the best office markets within the Metroplex.”
Phase I of the project will consist of a 141,219-square-foot office building, and is expected to be completed in November. Phase II will be comprised of a four-story, 161,498-square-foot Class A office building and is scheduled to break ground later this year, with no timetable yet for its completion date.
“It will have a great part connecting the two sister buildings with great landscaping and a great environment around the buildings,” Jackson added. “The inside will have highly efficient floor plans, really dressed-up lobbies and two sets of restrooms on each floor plate.”
The Connection Park development site is situated on 18.3 acres at the southwest corner of Lyndon B. Johnson Freeway (Interstate 635) and Freeport Parkway and is approximately 1.5 miles from Dallas/Fort Worth International Airport.
Analysis by Stream Realty showed that if you took all the Class A office buildings in the submarket, buildings that provide a 6 per 1,000 parking ratio or greater are 98 percent occupied and tenants are going to a much denser application.
“It’s always our strategy to identify either acquisitions or developments with our clients that will meet the demand that we’re seeing in the market and we’ve seen a consistent undersupply of large blocks of space throughout this market, most notably in this DFW submarket in terms of meeting the demand for the corporate users out there,” Jackson concluded. “We identified the site and designed the buildings to meet that demand.”
Stream Realty currently has more than 100 million square feet of office, industrial and retail assignments, resulting in more than $1 billion in real estate transactions annually.
HFF secured a non-recourse construction loan through American Bank of Texas. Alex Brown Realty provided joint venture equity for the project.