Top 10 Dallas Office Completions in 2017
- Mar 23, 2018
In 2017, metro Dallas’ real estate market was marked by the delivery of a significant number of speculative projects and corporate offices, which, combined, added more than 6 million square feet of new office space to the existing inventory. Some of the most important projects that came online were located within Plano’s Legacy West, such as the campuses of JP Morgan Chase and Toyota. At submarket level, Platinum Corridor North and the Las Colinas attracted top developments.
Dallas’ Central Business District, which has been struggling with a large inventory of outdated buildings, welcomed only a few large office properties last year. Investors and companies alike shied away from the city’s core due to expensive parking costs and difficult commute and continued to prefer the suburbs, especially the ones in North Dallas.
The list below includes the 10 largest office developments which came online in the Dallas area last year based on data provided by Yardi Matrix:
10. Factory Six03 (Dallas CBD)
Plans for building the 214,809-square-foot office property at 603 Munger Ave. were made public in the summer of 2015, when developer Granite Properties finalized the purchase of the former West End Market bakery and warehouse facility. The owner, who has successfully converted a number of similar historic properties in San Francisco and Boston, preserved the building’s brick and timber façade and expanded the property. Upon completion, it featured approximately 10,000 square feet of restaurant space, a coffee shop, a rooftop entertainment space and amenity deck as well as a conference center in addition to the main office component.
9. Cypress Waters (Las Colinas)
The four-story, 217,000-square-foot building is located at 9111 Cypress Waters Blvd., in Coppell, Texas, within a few miles from the Dallas/Fort Worth Airport. The project, for which developer Billingsley Co. contracted a $32.8 million loan in 2016, started off as a speculative venture. Less than half a year after its spring completion, the Las Colinas office asset was 95 percent occupied. Its tenant roster includes OCC and UWorld, among other companies.
8. One Legacy West (Platinum Corridor North)
Designed by Dallas-based Morrison Dilworth+Walls, the 14-story Plano office tower was delivered in the first quarter of 2017. Located at 7950 Legacy Drive, it encompasses 307,824 square feet of office space and features two conference centers, a tenant lounge, coffee bar, fitness center with sauna and several other amenities. So far the building’s developer and owner, Gaedeke Group, has attracted Softweb Solutions and Japan-based NTT Data to the building, the latter having occupied floors eight to 14.
7. 3400@CityLine (Telecom Corridor)
Construction work at the 310,000-square-foot office building kicked off in the summer of 2016. The owners, a joint venture between Transwestern and Dallas-based Malouf Interests, teamed up with architect BOKA Powell to bring five floors of new unclaimed office space at 3400 N. Central Expressway in Richardson, Texas. In addition to the office component, the property incorporates a deli and lounge area for tenants, a fitness center and an exterior courtyard.
6. 1915 Hurd Drive (Las Colinas)
In 2015, Kansas-based Platform Ventures purchased the vacant laboratory building at 1915 Hurd Drive in Irving, Texas, planning to upgrade it completely in order to attract a new tenant. The three-story, 322,590-square-foot property was originally completed in 1996 for Abbott Laboratories. Some of the most important changes were the addition of a mezzanine office with a staircase and redesigning and relocating the main entrance to the building.
5. Cypress Waters (Las Colinas)
CoreLogic’s headquarters at 3001 Hackberry Road in Irving, Texas, is the other development that Billingsley Co. completed last year within the Las Colinas submarket. A $55.8 million construction loan was contracted from Regions Bank in order to bring the 327,183-square-foot office building online.
4. The Ford Center at the Star (Platinum Corridor North)
Dallas Cowboys world headquarters, a Blue Star land development, was delivered in the first quarter of 2017 at 1 Cowboys Way. The campus encompasses a 400,000-square-foot office building, a 12,000-seat indoor multi-use event center, space for dining and shopping as well as a hotel.
3. Legacy West – Buildings AB & G (Platinum Corridor North)
The office component part of Legacy West’s AB and G blocks totals 421,000 square feet. Karahan Cos. delivered the two blocks at 5905 Legacy Drive in Plano, Texas, in the summer of 2017, enrolling them for LEED certification. The mixed-use development includes approximately 135,000 square feet of retail space.
2. JPMorgan Headquarters at Legacy West (Platinum Corridor North)
JP Morgan’s first employees moved into the 1.4 million-square-foot campus at 8181 Communications Parkway in September of 2017, while some construction was still going on at the site. The three buildings making up the $300 million property feature six and seven floors and approximately 6,000 parking spaces. The property sits next to Liberty Mutual Insurance’s new regional campus and incorporates a large conference room with the ability to hold up to 800 people.
1. Toyota Headquarters at Legacy West (Platinum Corridor North)
The largest development completed last year in the Dallas area was Toyota’s headquarters, also located within Plano’s Legacy West mega business park. The seven buildings, which are connected through a large courtyard, comprise 2.1 million square feet of office space and sit on 100 acres. Among the signature amenities that the giant automaker brought to the building at 6565 Headquarters Drive was a two-story-tall rock-climbing wall meant to get the company’s 4,000 workers out of their chairs as often as possible. Delivering the campus cost approximately $1 billion.
Images courtesy of Yardi Matrix