Lincoln Property Company Renews Uptown Lease
Lincoln Property Company recently completed approximately 32,000 square feet of leases for the class-A property, Parkside Tower, the largest of which was Scottish Rite’s lease renewal of 21,358 square feet.
DALLAS—Illinois Teachers Retirement System acquired Parkside Tower in March 2017 and the building had just undergone a $10 million renovation at that time. The 18-story 378,088-square-foot office property is located at 3500 Maple Ave. within walking distance of the Katy Trail.
Parkside Tower features a tenant lounge with open-air courtyard and Wi-Fi, a new on-site cafe, fitness center and conference facility. The owner has recently engaged Gensler architects to refresh Parkside’s tenant lounge, fitness center and garage. Additionally, the office property will soon have one of the few prime large blocks of space in the Uptown/Turtle Creek market when Heritage Auctions vacates in early summer.
Lincoln Property Company recently completed approximately 32,000 square feet of leases for the class-A property. The largest lease, Scottish Rite, renewed its lease for 21,358 square feet, which functions as an overflow office from its main campus across the street. The tenant was represented by Joe Graham of Graham Investments. Lincoln Property Company was represented by Chris Axley, Worthey Wiles and Jake Young.
“In just under six months, our team has executed 32,000 square feet of leases at Parkside Tower,” said Axley, senior vice president of Lincoln Property Company. “Tenants really value the upgrades done to the project, and combined with Parkside’s amenities and all that Uptown/Turtle Creek has to offer, this is really a win-win for them.”
Other Leases:
- LiveNation leased 6,476 square feet and was represented by Graham and Tyler Howarth of Newmark Knight and Frank. Lincoln Property Company was represented by Axley, Wiles and Young.
- GlassRatner leased 3,906 square feet and was represented by Layne Mayfield of CBRE. Lincoln Property Company was represented by Axley, Wiles and Young.
“What makes it appealing is the amenity-rich environment that helps to attract and retain employees,” Axley tells GlobeSt.com.
The property has views of Uptown and the Central Business District.
“I wasn’t a partner when our lease was up for renewal five years ago, but I heard through the grapevine that partners were very upset when there was talk of moving downtown instead of Uptown,” says a law firm partner whose office is located in Uptown. “Parking is cheaper and more abundant in Uptown, and it’s not as crowded. It’s easier to get around by car and has easier access to the Tollway, 35 and 75.”
The Dallas Fort Worth office market continued to record moderate movement through the fourth quarter, according to a report by Newmark Knight Frank. Population and employment growth continued to drive demand for office space through last year. Vacancy rates posted little fluctuation in 2019 and continue to remain around 19%. Direct leasing accounted for most of the leasing activity during the fourth quarter at approximately 2.6 million square feet. Sublease activity accounted for approximately 300,000 square feet, accounting for a small amount of the market’s overall activity, says NKF.