Another major tenant in one of downtown Dallas’ legacy skyscrapers is headed Uptown to a new building.
Professional services firm Deloitte LLP plans to relocate its Dallas office from the former Chase Tower to the 23Springs office tower under construction in Uptown.
Deloitte has been a major tenant in the Ross Avenue building — now called Arts District Tower — for more than three decades. In 2009, the global accounting and consulting firm chose to consolidate hundreds of workers in North Texas into the downtown skyscraper after considering suburban campus locations. The city provided economic incentives to bring more workers downtown.
Now Deloitte plans to shift its Dallas operations to one of the largest office buildings under construction in Uptown. Developer Granite Properties is building the 26-story 23Springs at Maple Avenue and Cedar Springs Road across the street from the Crescent.
The more than 625,000-square-foot office building is scheduled to open in 2025.
Deloitte plans to move into more than 100,000 square feet on four floors in the new office building in early 2026. It’s one of the largest recent office leases in North Texas.
Deloitte will join Bank OZK as major tenants in the tower, which is being built in partnership with North Carolina-based Highwoods Properties. With the latest transaction, the building is more than a third leased.
“It’s attracting big brands,” said Granite senior managing director Paul Bennett. “We have a lot of activity and are close on some other big deals.”
Bennett said the office tower’s features and location are major selling points.
“Companies are drawn to the high-end amenities,” he said. “There are two restaurants and a half-acre park in our project. The building is going to be walkable to shops and restaurants and all the things Uptown offers.”
New Uptown buildings including 23Springs are attracting tenants at a time when Dallas-area office vacancies are at a record high and overall leasing is in a slump.
“High-quality, highly amenitized and well-located office space is going to continue to perform well,” Bennett said. “We are continuing to see a clear bias toward quality. That’s what our customers want.
“If you are an employer or an owner of commercial real estate, you have to create a product that gets people from working at home,” he said. “You have to make employees desire and want to come into the office.”
Granite Properties’ Robert Jimenez, Burson Holman and Elizabeth Fortado negotiated the leases.
Deloitte is the second major tenant planning to depart the former Chase Tower.
The 55-story high-rise lost its namesake tenant when JPMorgan Chase recently moved its downtown operations to a new location in the Hunt Consolidated building a few blocks away on Woodall Rodgers Freeway.
Built in 1987, the skyscraper contains almost 1.3 million square feet of office space and is owned by a New York-based partnership.
The affiliate of Fortis Group has spent more than $10 million on upgrades in the last five years. The owner recently filed plans to spend another $3 million on renovations to the lobby of the tower at Ross and Pearl Street.
Deloitte is planning its office move to Uptown at the same time it is building a $300 million addition to its 12-year-old Westlake campus northwest of DFW International Airport.
The five-story building is to open in 2025 at the campus located in developer Hillwood’s Circle T Ranch. It’s part of a cluster of financial services firms in Westlake that also includes Fidelity and Charles Schwab.
Deloitte becomes the latest downtown Dallas office tenant headed to newer digs in Uptown. The Uptown-Turtle Creek area now has more than 2.5 million square feet of offices under construction in several projects — the most of any North Texas business district.
Bank of America and Goldman Sachs are also planning to relocate thousands of workers to new offices north of downtown.