Highwoods to own 50 Percent Interest in 23Springs in Uptown Dallas and Granite Park Six in Plano, TX
Granite Properties, a commercial real estate investment, development and management company, announced today it has closed joint venture equity with Highwoods Properties, a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”), for two large Class-AA office developments in Uptown Dallas and Plano, TX. Highwoods Properties will own 50 percent interest in 23Springs, a 26-story, 626,000 square feet office development and 16,000 square feet of retail in Uptown Dallas. In addition, they will also own 50 percent interest in Granite Park Six, a 19-story, 422,000 square feet office development in Granite Park, a 90-acre mixed-use development located in Plano, Texas.
This partnership is part of Granite’s strategy to expand capital partners as Granite continues to grow through acquisitions and developments.
“Granite is excited to partner with Highwoods Properties and realize our vision for 23Springs and Granite Park Six. The partnership reflects confidence in the projects and the highly desired Uptown and Plano markets. We look forward to generating value together at both buildings,” said Will Hendrickson, Senior Managing Director, Granite Properties.
23Springs will be a striking new presence in the Dallas skyline. Bank OZK recently signed a lease to occupy four floors totaling 110,029 square feet at 23Springs. Modern amenities include a hospitality-driven lobby featuring a coffee and wine bar, an outdoor lounge with conference facilities, a fitness center, and a touchless experience from the garage to the office. Two detached buildings for restaurants and half-acre park will create a vibrant new destination in Uptown. 23Springs is at walking distance from Hotel Crescent Court, Stanley Korshak, Whole Foods Market, restaurants, retail, and the Katy Trail. The Dallas North Tollway and popular residential areas are nearby for convenient commutes. Construction on 23Springs started in June 2022. The building will be delivered in the first quarter of 2025.
Granite Park Six will be the tallest, most amenitized building in Granite Park. Stonebriar Commercial Finance has signed a lease to occupy two floors totaling 52,000 square feet at Granite Park Six. High-end amenities include a hospitality-driven lobby with coffee kiosk and market café, a 400-seat lecture hall, and three conference rooms. A 6th floor amenity terrace connects to a fitness studio, customer lounge, and golf simulator. Granite Park offers over 3 million square feet of Class-A office space, a Hilton Hotel, shops, restaurants, and The Boardwalk at Granite Park featuring waterfront restaurants. Granite Park is conveniently located near residential communities and a 20-minute ride to DFW Airport. Construction on Granite Park Six started in December 2021. Granite Park Six will be delivered in the third quarter of 2023.
23Springs and Granite Park Six are designed with a commitment to sustainability and wellness to achieve LEED and Fitwel certifications.
About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991. The firm owns 11.5 million square feet of high-quality office space in Dallas, Houston, Atlanta, Denver, Southern California, and Nashville. Granite is an established investor, developer, and manager with a focus on sustainable, high-quality projects. It has completed more than $8 billion in real estate transactions and more than 29 million square feet of real estate development and acquisitions. Current active development projects in Atlanta, Boston, and Dallas total over 2 million square feet with total costs over $1.5 billion. Granite focuses on creating extraordinary customer experiences through mixed-use environments, rich amenities, customer-centric service, and innovative wellness features. Granite is NAIOP’s 2022 Developer of the Year, and has been named a Fortune Magazine Great Place to Work for nine consecutive years. For more information, visit: graniteprop.com