DALLAS — Bradford Commercial Real Estate Services has negotiated a 38,194-square-foot office lease renewal and expansion in North Dallas. The tenant, Austin-based law firm Walters, Balido & Crain, will now occupy the top two floors at Meadow Park Towers, a 262,776-square-foot property located along the North Central Expressway. Richmond Collinsworth and Jared Laake of Bradford internally represented the landlord in the lease negotiations. Scott Hage and Taylor Messina of JLL represented the tenant.
COPPELL, TEXAS — Greystar has signed a 32,000-square-foot office lease in Coppell, located in the northern-central part of the metroplex. The space is located within the 1,000-acre Cypress Waters mixed-use development. Scot Ison of Axis Tenant Advisors represented the South Carolina-based apartment developer and manager, which plans to take occupancy early next year, in the lease negotiations. Billingsley Co. owns Cypress Waters.
By Ben Reinberg, CEO, Alliance Consolidated Group of Cos. In late September, Texas-based software company Dell became one of the latest major companies to announce a full return-to-office (RTO) mandate. In a leaked memo to employees, Bill Scannell, the company president, wrote, “As we enter a new AI world, in-person human interaction will be more important than ever.” Just a few weeks later, Amazon announced a full RTO policy. And over the summer, Meta, the parent company of Facebook, informed employees that remote team members would not be eligible for promotions. These RTO announcements from major organizations have dotted the web for years following the pandemic, leading many investors to hope for a slow-but-steady march back to busy office buildings and revitalized downtowns throughout the Lone Star State. The actual data, however, tells a much different story. Reports on Texas’ commercial real estate markets indicate that nearly a quarter of all office space is vacant nearly four years after the pandemic. According to CommercialEdge, Dallas’ office vacancy rate is 22.9 percent, and Austin’s is 27.8 percent. Workforce trends reflect a similar situation. Austin was named the No. 1 metro for remote workers in 2023 by Coworking Mag, with nearly a …
FORT WORTH, TEXAS — Adolfson & Peterson (AP) Construction has completed Mid Cities Logistics, a 908,300-square-foot industrial project in southeast Fort Worth. Designed by metro Dallas-based Alliance Architects, Mid Cities Logistics comprises five buildings on a 65-acre site at the intersection of Buttercup Lane and Boswell Drive. All five buildings can support storage, distribution and light manufacturing uses. Construction began in early 2023. An entity doing business as Mid Cities Logistics LLC owns the property.
SAN ANTONIO — Dallas-based Rosewood Property Co. has refinanced Ventura Ridge, a 482-unit apartment community in San Antonio. The loan amount was not disclosed. Built in 2015 on the city’s northwest side, the property offers studio, one- and two-bedroom units with an average size of 844 square feet. Amenities include a pool, dog park, fitness center and a clubhouse. John Brownlee, John Bauman, Chad Lisbeth and Scott Cole of JLL arranged the loan through New York Life Co. on behalf of Rosewood.
MESQUITE, TEXAS — Texas-based H-E-B has acquired land in Mesquite, an eastern suburb of Dallas, for the development of a new grocery store. The multi-parcel assemblage is located at the intersection of I-20 and FM 741. Ryan Turner, David Davidson Jr. and Edward Bogel of Davidson Bogel Real Estate represented the undisclosed seller in the land deal. Ben Hines and Tim Henson of Venture Commercial represented H-E-B. Details on the size and construction timeline of the new store were not disclosed.
COPPELL, TEXAS — Allstate has signed a 53,043-square-foot office lease in Coppell, located in the northern-central part of the metroplex. The space is located within the 1,000-acre Cypress Waters mixed-use development. Ryan Buchanan of CBRE represented the insurance giant, which plans to take occupancy of its new space next June, in the lease negotiations. Billingsley Co. owns Cypress Waters.
DALLAS — Lucid Private Offices, a provider of flexible workspace solutions, has opened a 35,234-square-foot coworking space in North Dallas. The space spans the 15th and 17th floors of 80 NCX, a 290,000-square-foot building, and offers 120 private and team offices, five conference rooms and a library. Users have access to building amenities such as a café, coffee bar, lounge, patio and a fitness center. Intercontinental Real Estate owns the building.
MIDLOTHIAN, TEXAS — Dallas-based developer KDC has delivered a 422,000-square-foot, build-to-suit distribution center for energy services provider Oncor in Midlothian, a southern suburb of Dallas. The site spans 60.7 acres, and the facility features a cross-dock configuration, 36-foot clear heights, interior offices, a break room and training rooms. Alliance Architects designed the project, and Peinado Construction served as the general contractor. Construction began in December 2023.
LOCKHART, TEXAS — Austin-based Evergen Equity has purchased a 284,000-square-foot industrial property in Lockhart, a southern suburb of Austin. The sale includes nine acres of undeveloped land. While under contract, Evergen negotiated a 49,000-square-foot lease with Hill Country Foodworks for its new headquarters and main distribution facility. Stream Realty Partners will market the remainder of the space/land for lease/sale. The seller and sales price were not disclosed.