Plus: Lincoln Property Co. announces three new office and residential tower projects in Uptown; Edge Realty Partners acquires more than 1 million square feet of retail space; and more.
Crescent Real Estate LLC’s three-tower office space, The Crescent, is now 95.5 percent occupied following three new leases this week.
Three law firms have secured leases in the towers, including Dorsey & Whitney LLP, leasing 34,911 square feet across the 16th floor of buildings 200 and 300; Vedder Price P.C, leasing 23,027 square feet (building 300’s entire fourth floor); and Weil, Gotshal & Manges LLP will be expanding their space in the towers to 65,921 square feet total, occupying the entire third floor of all three towers.
In total, these three newest leases add more than 123,000 square feet of secured space at The Crescent; moreover, since its reacquisition in March 2021, The Crescent has seen over 500,000 square feet of new leases, renewals, and expansions.
“The Crescent is a highly desired, superior location with an abundance of amenities and a long list of prominent customers who office here,” said John Zogg, managing director of Crescent. “We will continue enhancing and improving the amenity offerings so that The Crescent maintains its reputation as an exceptional place to work, stay and play.”
According to a press release, this success is due in part to The Crescent’s unique design, granting companies the ability to lease and grow both vertically and horizontally across all three buildings.
“The Crescent was intentionally designed to allow customers to travel from building to building while remaining within a unified complex,” said Zogg. “This gives us a distinct flexibility advantage to design lease space that best fits our customers’ needs.”
These new leases follow a $12 million renovation to the towers that included revamped first floors, enhanced lobbies and common areas, a new fitness center, modernized designs, and more.
“As a firm that continues to grow in Dallas, The Crescent has offered us flexibility in ramping up. Our clients are happy with our location and our space, and that makes me happy,” said
Larry Makel, senior partner in the Dallas office of Dorsey & Whitney LLP.
Harwood International Signs New 12,000 SF Lease
Harwood International’s latest acquisition, 3100 McKinnon, signed on transportation and supply chain management firm Echo Global Logistics for a lease of over 12,000 square feet of space in the building.
Located on the north end of Downtown Dallas in the 19-city block Harwood District, the 11-story 3100 McKinnon office tower totals 226,344 square feet. Since acquiring the building in 2019, Harwood has completed full renovations on the tower including improved amenities, move-in-ready office spaces, enhanced rooftop gardens, and a Katy Trail fronting restaurant currently in the works, according to Kelly Whaley, director of leasing for Harwood.
Other amenities to the property include a fitness center, tenant lounge, views of downtown, a four-level parking garage, and direct access to the Katy Trail and Dallas North Tollway.
“The direct access to Katy Trail is a major selling point for prospects. 3100 McKinnon is one of the few buildings with onsite, direct access to Dallas’ best outdoor experience,” said Whaley.
For Echo Global Logistics, 3100 McKinnon fits in well with their business needs due to its central location, overall access, and convenient proximity to existing offices.
“We chose this location because it gives our team members in the Metroplex the flexibility they crave,” said Sean Burke, chief commercial officer at Echo. “As the top-voted 3PL for six years running, Echo’s greatest asset is its employee base. Amenities like access to the Katy Trail and a vibrant local restaurant scene enable our Dallas team members to recharge as they serve shippers and carriers across the country.”
This newest 12,000-square-foot lease adds to Harwood’s nearly 165,000 square feet of new leases this year.
YPI Acquires Crockett Row in Fort Worth
Dallas-based Younger Partners Investments announced this week that it has acquired the 282,334-square-foot urban village known as Crockett Row in Fort Worth, Texas.
The village is located at the southeast corner of University Drive and West 7th Street, within five blocks of bustling retail and office space, and just west of downtown Fort Worth.
The location itself is prime, as Crockett Row sits in Fort Worth’s Cultural District in the larger West 7th development, which is known for its world-class museums, entertainment venues, eateries, and the Dickies Arena. The live-work-play area is a large part of the reason that Crockett Row’s occupancy is close to 75 percent, with well-known tenants moving into the village, including La Fitness, PMG, Fidelity Investments, and more.
“Crockett Row has it all,” said Micah Ashford, a YPI managing director who represented Younger Partners in the acquisition. “Visitors can park, walk, shop, play, dine, see a movie, and have a cocktail at the property.”
According to a release, Younger Partners plans to revamp the village with enhancements that include: “the addition of gathering spaces, parking technology to help located open spaces, improved signage, and additional elevators.”
“We also plan to work with the City to enhance accessibility throughout the property,” the company said.
Although the terms of the deal have not been disclosed, Younger Partners confirmed that it will handle both property management and leasing of the property.
“Crockett Row was a target investment for us because of its strong supporting demographic and iconic location in the Cultural District, next to some of Fort Worth’s most affluent neighborhoods,” said Kathy Permenter, co-managing partner at YPI. “The amount of tenant interest in this neighborhood has already far exceeded expectations.”
Lincoln Property Plans Large Mixed-Use Project in Uptown
A huge project is coming to Cedar Springs Road and Fairmount Street, in the heart of Uptown Dallas.
Lincoln Property Co. is planning a mixed-use project that is set to include three office and residential towers. The development is a big one, with the largest tower planned to have over 30 floors, according to plans filed with the Oak Lawn Committee. International architecture firm Skidmore, Owings & Merrill was hired by Lincoln to design the project.
Set to be located at 2500 Cedar Springs, the buildings will be surrounded by public retail and restaurant spaces and centered around a large central park space designed by landscape architect OJB.
Plans say the residential buildings will face the popular Quadrangle shopping center along Routh Street, and the office building will overlook Fairmount.
According to an announcement on the project’s progress, the land is officially under contract, and the next step is to get Planning and Zoning’s approval before redeveloping the entire block surrounded by Cedar Springs, Fairmount, Howell Street, and Routh Street.
Edge Realty Partners Acquires More Than One Million Square Feet
Edge Realty Partners has secured two new leasing assets that total more than one million square feet of space.
In partnership with DLC Management Corp., Edge Realty has acquired two premier power centers in North Texas.
“Our team is delighted to apply our leasing expertise on these iconic assets,” said Andrew Shaw of Edge Realty Partners. “Our collaboration with DLC Management marks an important milestone for our growing Landlord Services Team. We are honored to partner with a much-admired, successful brand like DLC and look forward to assisting with the leasing of both properties.”
The first center, The Village at Allen, is an 836,000-square-foot facility with a variety of tenants including well-known retailers such as Target and Best Buy, as well as various entertainment, dining, and fitness destinations. Built in 2009, the Village at Allen is also home to the Allen Americans hockey team.
The second lease secured is White Rock Marketplace, a 274,822-square-foot space that is managed by DLC Management Corp. and located at the northwest corner of Garland Road and Jupiter Road in Dallas. The shopping center is home to a multitude of retail favorites such as Home Depot and holds a variety of fast-food joints and fitness centers like Planet Fitness.
“Edge Realty Partners is the right fit for us, and we chose them based on their track record of excellent tenant relationships and experience with similar assets. We are thrilled about our relationship with them to lease both properties,” said Chriss Ressa, COO at DLC Management Corp.
