DALLAS-The Uptown submarket continues to see much activity – and now, two additional leases have been announced. KPMG LLP has signed a long-term lease to take a little more than one-third of the as-yet unbuilt 450,000-square-foot Hall Arts Project, which is being developed by Hall Financial Group. And, about half a mile away, across Woodall Rogers Freeway, Regions Bank will take down 70,970 square feet at the 361,524-square-foot 17Seventeen McKinney for its new Texas headquarters.
KMPG will be the anchor tenant in the Hall Art's project's first building at 2323 Ross Ave. in the Arts District. Construction on the 16-story, Class AAA building is scheduled to start in September 2013, with completion planned for March 2015. KPMG plans to relocate its Dallas office to Hall Arts beginning in summer 2015. Jones Lang LaSalle International's Carl Ewert and Stephen Holley negotiated the lease transaction on behalf of KPMG with Hall Financial Group's Kim Vincent Butler. The building was designed by Eddie Abeyta with HKS Inc.; Turner Construction will serve as the base building general contractor.
Across the way at 17Seventeen McKinney (owned by a joint venture between Granite Properties and MetLife), Regions Bank's new regional headquarters will comprise two floors of regional offices, a retail bank and drive-thru lanes. The Birmingham, AL-based bank plans to relocate to its new space at the beginning of January 2014. Jerry Cobb Jr. and Christine Mickey from CBRE in Dallas and Scott Willenbrock from CBRE in Birmingham represented the tenant. Robert Jimenez and Jim Kirchhoff from Granite Properties in Dallas represented the landlord. 17Seventeen is the commercial half of the Park Seventeen development.
The Uptown submarket is known as one of the area's more active ones. According to CBRE's Q1 2013 numbers, the submarket had a total vacancy of 12% out of an inventory of 10.4 million square feet. Meanwhile, Jones Lang LaSalle's Q1 2013 report points to a vacancy of 12.6% out of an inventory of approximately 10.3 million square feet.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.