DALLAS—Despite being positioned along construction-clogged LBJ Freeway in North Dallas, Galleria Plaza is flourishing thanks to one new lease and two expansions.
The 187,644-square-foot class A office building has undergone a major renovation, which helped to lure law firm Blalack & Williams, which will move into 8,688 square feet on the seventh floor in September. The firm has signed a seven-year lease; it will be relocating from 5550 LBJ Freeway.
The project's largest tenant, BenefitMall, has expanded to 50,689 square feet, taking down 7,150 square feet.
"Because of last year's renovation, BenefitMall has stayed and expanded in Galleria Plaza despite the freeway construction," says Sharon Friedberg, senior vice president of Dallas-based Bradford Commercial Real Estate Services. "It's tough to live through the roadwork, but tenants realize they're getting rates now that aren't going to be available in 12 months."
Galleria Plaza was one of two properties on the law firm's short list.
"The location, view and building upgrades tipped the scale in our favor," Friedberg says. "It also helps to have good relationships with brokers." Representing the law firm and BenefitMall were Robbie Baty and Bill McClung of Cushman & Wakefield of Texas Inc.
The just-signed deals have pushed occupancy above 85 percent for Galleria Plaza's California-based landlord, YPI Central Expressway Properties LP.
The building now boasts a conference center, upgraded security station and new finishes in the lobby and first-floor corridor.
"The renovation absolutely has helped with leasing, particularly those floors with good views," Friedberg adds. "Everyone knows rates will go up in the area after LBJ's expansion is completed so there's been even more interest in the building."
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