With the ongoing pandemic keeping the North Texas office market in flux, Quadrant Investment Properties and Stream Realty Partners are launching a flexible leasing strategy at St. Paul Place. The boutique, 22-story office building on Ross Avenue and North St. Paul Street in the Dallas Arts District.
The new platform allows tenants to rent out fully furnished, internet-enabled office suites on a short-term basis.
“Since the COVID lockdown last March, we have seen increasing demand for flexible leases outside of coworking space,” said Chad Cook, founder of Quadrant Investments. “Tenants are looking for move-in-ready office space on a shorter-term basis while still desiring their own controlled office environment.”
“We are not changing the traditional real estate leasing model, but rather enhancing it by providing another option for prospective tenants,” said Cook.
The platform gives tenants the option of inking leases of six to 12 months for a fully furnished office, internet, private conference room, and a kitchenette. They’ll also have access to building amenities, including the outdoor lounge, community space, additional conference room options, and on-site food services.
The office suites range in size from 2,500 to 14,000 square feet and are move-in ready. Parking up to 3:1000 is also available for the term of the lease or on a monthly basis.
“This is the next step in our strategy of making flexibility a central operating principle for every building we own,” said Cook. “Over the last year we have re-tooled our technology operations to make it easier for us to onboard, service, and support our customers in a timely manner. That operational foundation gives us the freedom to focus on this business strategy without worrying about the operational complexities.”
Stream Realty, which oversees leasing at St. Paul Place, developed the flex lease program to cater to companies that are uncertain about their long-term office needs, as well as those that have postponed their permanent office search due to the effects of the pandemic.
“The boutique nature of St. Paul Place provides a unique opportunity to address the demand for shorter term lease options while still providing a class-A experience,” said Rhett Miller, vice president of Stream’s Dallas office.
Built in 1983, the 273,200-square-foot St. Paul Place was acquired by Quadrant in February 2016. D Magazine Partners is an anchor tenant in the building, occupying the top two floors.
