It was Bank OZK’s lease that helped kick off the construction of 23Springs, and now additional details are available about the more than 100,000 square feet the publicly traded Arkansas-based bank plans to take down.
Bank OZK announced in 2022 that it would occupy four floors of the 26-story Class AA office building at the corner of Cedar Springs Road and Maple Avenue in Dallas’ Uptown.
The finish-out of Bank OZK’s 108,000 square feet bears a construction cost of $20 million, according to a filing with the Texas Department of Licensing and Regulation posted on Thursday.
Work on the bank’s square footage is expected to start in November, with a completion date listed for June 2025, the filing shows. Dallas-based HKS Inc. is listed as the design firm for Bank OZK’s space.
Beyond its large lease, Bank OZK played another critical role in moving 23Springs forward: It provided construction financing for the project.
23Springs, designed by GFF Architects, was originally ideated by Plano-based Granite Properties. It gained a joint venture partner in Highwoods Properties in 2022 when the North Carolina real estate investment trust came in as a 50% equity partner.
The more than 625,000-square-foot office development will be one of the largest office deliveries in Dallas over the next few years, and it recently collected another notable tenant.
Professional services giant Deloitte LLP announced in January it would move into more than 100,000 square feet across four floors, leaving its longtime home at Chase Tower.
Now more than one-third leased, 23Springs is expected to open in 2025.
Beyond office space, the 2.5-acre development is expected to include two restaurant buildings, a street-level park and amenities such as a golf simulator and valet parking.
DPR Construction is the project’s general contractor.