Top 5 Office Projects Under Construction in Dallas
- Oct 26, 2020
Texas’ business-friendly climate was a magnet for corporate relocations and business expansions long before the pandemic, and it remains optimistic despite the current economic volatility. According to Yardi Matrix data, Dallas had some 6.1 million square feet of office space under construction as of October. Development activity was concentrated in the Platinum Corridor North and Uptown/Oak Lawn submarkets, where half of the active pipeline is located.
Some 2.9 million square feet of office space came online across 20 properties year-to-date in the metro; the largest property was Phase I of Charles Schwab’s Westlake Campus. An additional 1.4 million square feet of space is expected to be added to inventory by year-end, as construction activity forged ahead throughout the year. Projected 2020 deliveries amount to some 4.3 million square feet, compared to the 5.6 million square feet delivered in 2019. The list below highlights the largest office projects under construction in Dallas, based on Yardi Matrix data.
5. Keurig Dr. Pepper at The Star
In May 2019, Blue Star Land Services broke ground on Keurig Dr. Pepper’s upcoming headquarters in Frisco. Dubbed Keurig Dr Pepper at The Star, the 358,000-square-foot build-to-suit office building will be home to 1,100 employees who will relocate from the beverage giant’s Plano office. Completion of the 16-story property is scheduled for the first quarter of 2021.
HKS served as the architect and Manhattan Construction is the general contractor. Located at 6425 Hall of Fame Lane, the building is part of The Star, a 91-acre campus housing the Dallas Cowboys’ world headquarters and practice facility.
4. The Epic II
In October 2019, Westdale Asset Management and KDC teamed up to develop The Epic II. The 485,000-square-foot building will encompass 470,000 square feet of office space, 15,000 square feet of retail and 1,410 parking spots. The 23-story tower is scheduled for completion in the last quarter of 2022, with U.S. Bank providing $163.5 million in construction financing.
The Epic II will be home to more than 3,000 Uber employees, making it the second-largest Uber office outside of the San Francisco headquarters. The project is rising at 2550 Pacific Ave.—in Dallas’ Deep Ellum neighborhood—within The Epic, an 8-acre mixed-use development that includes office, hotel and residential space.
3. Parkland Hospital – New Medical Office
Parkland Health & Hospital System is expanding its Dallas footprint with the addition of a new 525,000-square-foot, six-story medical office building located east of its $1.3 billion Parkland Memorial Hospital campus. The facility broke ground in February 2019. HKS served as the architect, The Crowther Group as the general contractor and Burns & McDonnell handled design and construction commissioning services.
At full build-out—expected in the first quarter of 2021—the $154 million outpatient clinic will include laboratories and offices, as well as examination and treatment space. The building is taking shape at the corner of NEC Parkland Boulevard and Maple Avenue, close to a Dallas Area Rapid Transit rail station.
2. Chase Tower at Legacy West
The 540,000-square-foot Chase Tower at Legacy West is the second owner-occupied office project on our list. J.P. Morgan Asset Management started construction on the 12-story asset in August 2019 and expects to complete it in the second quarter of 2021. HKS provided design plans and Balfour Beatty acted as the general contractor.
The project is situated at 8181 Communications Parkway and represents the second phase of JPMorgan Chase’s 49-acre Plano campus, which houses more than 6,000 employees. It is part of Legacy West, a 250-acre master-planned business park rising on the west side of the Dallas North Tollway and housing major employers such as Liberty Mutual Insurance, Toyota and FedEx.
1. Charles Schwab Westlake Campus – Phase II
The largest project on the list is the latest addition to Charles Schwab’s regional campus in Westlake. The 620,000-square-foot development broke ground in December 2018 and was designed by Dallas-based Corgan Architects. Upon completion, scheduled for the second quarter of 2021, the property will encompass two buildings.
Located on 59 acres at 3101 Schwab Way, the development is adjacent to Phase I, a 555,000-square-foot office building completed in early 2020. Following the financial giant’s acquisition of TD Ameritrade last year, the Westlake campus will be home to the merged companies’ headquarters, housing a total of 7,000 employees, and, at the same time, solidifying Westlake as a financial hub for Texas. When completed, the campus will total 1.2 million square feet.