Top 5 Office Projects Under Construction in Dallas
- Feb 26, 2021
For the past few years, Dallas’ business-friendly environment and highly skilled workforce have convinced many tech and finance companies to either move their headquarters there or open a regional office in the metro. Uber, CBRE and Charles Schwab Corp. are just a few names expanding their Dallas office footprint. This has resulted in a demand for new office space in the DFW area.
Despite a difficult year, authorities’ decision to classify construction as an essential service during the shelter-in-place interval has helped office developers complete projects. CommercialEdge data shows the metro delivered 23 properties totaling some 3.2 million square feet in 2020. The biggest project to come online in that period was Cypress Waters in Irving, Texas. Billingsley Co. completed the 256,496-square-foot project in mid-2020.
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As of February, CommercialEdge data shows 32 properties were underway totaling a little over 7 million square feet. Almost all new development is concentrated in the downtown area and the northern and northwestern parts of the metro. Three of the five projects currently underway are expected to be delivered in the second quarter of this year.
5. Victory Commons One
Starting the list is Hillwood’s Victory Commons One, a 364,530-square-foot office building taking shape in the Uptown Dallas office market. The project will be located at 2601 Victory Ave. and will be adjacent to both the Victory DART light rail station and the American Airlines Center Arena. The 15-story building broke ground in 2019 and will include a roof terrace overlooking Victory Park and the Design District.
CommercialEdge data shows the development received $120.4 million in construction financing from QuadReal in 2019. Hillwood teamed up with USAA Real Estate to develop the tower and tapped Boka Powell as architect. The project is expected to be completed in November 2021.
4. The Epic II
Westdale Asset Management is currently developing the second tower of The Epic, an 8-acre mixed-use project in downtown Dallas. The development is taking shape in the metro’s Deep Ellum neighborhood, a highly walkable and amenity-rich area, which has experienced a revitalization in the past couple of years as run-down industrial buildings have been transformed into multifamily properties.
The 485,000 square-foot Epic II will be located at 2550 Pacific Ave. The property received $163.5 million in construction financing from U.S. Bank, CommercialEdge data shows. In mid-2019, Uber announced it would occupy 450,000 square feet at the 23-story tower, which is expected to be delivered in the last quarter of 2022.
3. Parkland Hospital – New Medical Office
Parkland Health and Hospital System is currently developing a 525,000-square-foot medical office building at 5101 Maple Ave. The project will be part of Parkland’s Dallas campus and will house both medical and administrative staff. Occupying some 22 acres across two blocks, the six-story building is seeking LEED certification and is expected to come online in the second quarter of 2021. The development team includes HKS Architects, VAI Architects and Walter P. Moore.
2. Chase Tower at Legacy West
The Chase Tower at Legacy West building will comprise 540,000 square feet in Plano, Texas, within the Platinum Corridor North submarket. The project will be the tallest building in JPMorgan Chase’s campus at Legacy West, which also includes the 1 million-square-foot office property opened in 2017. The addition will help the company expand its workforce by 4,000 new employees. JP Morgan Asset Management selected HKS as the project architect, while Balfour Beatty serves as the general contractor. The 12-story tower is expected to come online in May 2021.
Located at 8181 Communications Parkway, the campus is situated within the 250-acre Legacy West mixed-use development. The project includes the offices of FedEx, Toyota’s North American headquarters and a regional campus for Liberty Mutual Insurance.
1. Charles Schwab Westlake Campus – Phase II
The second phase of Charles Schwab’s Westlake Campus is currently under construction in Westlake, Texas. The largest office development in the metro and the third owner-occupied project in the list will include 620,000 square feet. The development will double the financial giant’s footprint in the Westlake submarket, and, together with the 555,000-square-foot first phase will be able to house up to 6,000 employees. The first phase was delivered in 2020.
Located at 3101 Schwab Way, the owner-occupied property will include a six-story building and an eight-story one on an almost 60-acre site. The project is seeking LEED Gold certification and will come online at the middle of 2021.