IRVING, TX—Las Colinas led the Dallas-Fort Worth market in office leasing activity during the third quarter of 2017, with 505,905 square feet in new deals and renewals—topping Legacy/Frisco and Uptown, according to Cushman & Wakefield research. During the first nine months of the year, Las Colinas recorded 1.6 million square feet in leasing activity.
“We're seeing a continued increase in interest the Las Colinas office market, due to tremendous investments in road and light rail, which makes commuting easier, and the explosive growth in multifamily and entertainment development,” says Randy Cooper, vice chairman, Cushman & Wakefield. “Las Colinas was amenity-starved for years, but that's all changing with The Music Factory, Water Street and other new projects. Las Colinas has fantastic access to both DFW International and Love Field airports. It's fundamentally strong and checks all of the site-selection boxes.”
Taking full advantage of those amenities at Las Colinas, research and advisory company, Gartner Inc., has completed a 152,086-square-foot full-building lease through 2034 at 6011 Connection Dr. The property is one of 10 total properties representing approximately 2.1 million square feet of class-A office space owned by Piedmont Office Realty Trust Inc. in the greater Dallas market.
“We are extremely pleased to welcome an industry-leading company such as Gartner to our portfolio of tenants,” said Joe Pangburn, executive vice president for Piedmont. “Completing a new lease of this size speaks to the quality and attributes of our property, as well as the demand for the amenity-rich Las Colinas submarket.”
The Cushman & Wakefield team of Cooper, Andy May, Matt Heidelbaugh and Amber Roberts represented the tenant in the transaction. Joel Pustmueller and Sarah Hinkley of Peloton Commercial Real Estate, along with Joe Pangburn and Damian Miller of Piedmont, facilitated negotiations on behalf of the owner.
“Las Colinas continues to be an important market for companies looking at Dallas-Fort Worth. What's more, it can provide a better value than some of the other hot markets in the area,” Heidelbaugh tells GlobeSt.com.
Piedmont Office Realty Trust Inc. is a self-managed REIT and owner, manager, developer and operator of class-A office properties. Those properties are in select submarkets located primarily within eight major Eastern US office markets. Its geographically diversified $5 billion-plus portfolio is comprised of approximately 19 million square feet.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
