Shearman & Sterling, a global law firm, became the first tenants of The Link at Uptown, a 291,968 square foot office development located at 2601 Olive St. in Uptown. Representing the tenant in the 22,838-square-foot lease were CBRE’s Chelby Sanders and Ryan Buchanan. JLL’s Blake Shipley, alongside Sarah Kennington and Bryce Jackson from Thirty-Four Commercial, represented the seller.
“We are thrilled to be moving to The Link at Uptown, which offers a flexible and engaging environment for our people including outstanding client, personnel hospitality, and wellness features,” said Bill Nelson, Head of Texas Offices at Shearman & Sterling in the release. “This move is essential as we continue to expand our offering in Dallas and throughout Texas. The continued growth of our Texas offering is part of the ongoing execution of our strategy globally to expand our core practices with the greatest potential for the Firm, aligning with market opportunities.”
The 25-story office tower serves as a connector between Uptown, Victory Park, and Downtown. The building offers tenants luxe amenities including two ground-floor restaurants, overnight executive suites, and a full amenity floor with an outdoor terrace with a view of the city.
Kaizen Development Partners purchased the property back in November 2018 from restaurateur Mike Karns. They began preparations for building the office tower in early 2019 and finished by late 2021. JLL, leading marketing and leasing, negotiated the sale between Karns and Kaizen.
“Dallas continues to set the pace of the overall office market in the region due to our robust offerings,” said Derrick Evers, managing partner at Kaizen Development Partners. “As a result, the commercial real estate industry continues to innovate as more companies move to Texas and expect high-quality office spaces. We are pleased to welcome Shearman & Sterling as The Link at Uptown’s first tenant.”
Office
Quadrant Investment Properties, a Texas-based real estate investment firm, and FCP, a Maryland-based, privately held real estate investment company, announced plans to develop a 120,286-square-foot office building at 1333 Oak Lawn Ave. in the heart of Dallas’ Design District. Transwestern’s Paul Wittorf, Kim Brooks, Laney Underwood, and Natalie Serio will oversee leasing for the property.
“For some time now, we have felt a shift in the way users of offices approach their space needs, with a focus more on curating the culture of their companies,” said Chad Cook, founder of QIP. “We believe there is significant demand for a smaller scale office building that still provides the full offering of non-commodity amenities. Thirteen Thirty Three is the culmination of that thought process.”
With the project breaking ground later this year and planned completion by the third quarter of 2023, the podium-style building will feature 10 stories, with nearly 118,000 square feet of office space on floors six to 10, according to the release.
QIP strategically focuses on Dallas’ Design District, acquiring 23 properties in the area, including a 16,000 square feet office for the headquarters of rideshare company Alto.
“We are thrilled about what the future holds for the Design District,” said Cook. “It is the perfect canvas to create a diverse portfolio of hospitality-driven office. We hope to provide an experience unique to anything in Dallas and capture companies looking for a different way to work.”
VariSpace Coppell, which broke ground in June 2021, celebrated the construction midpoint. Opening in summer 2022, the three-story VariSpace Coppell will add 180,000 square feet of office space to the market, with 120,000 square feet available for companies to lease. Vari’s new headquarters will occupy the remaining 60,000 square feet. VariSpace Coppell offers leasing terms starting at three years and 10,000 square feet. It is Vari’s first new-build following VariSpace Las Colinas and VariSpace Southlake.
Peggy’s Folly arranged a lease of 4,320 square feet of office space at 10580 Newkirk St. in Dallas, with Riverside Home Medical Supply. Bradford Commercial Real Estate Services vice president Jason Finch represented the tenant. Alan Clark of JSC Realty represented the landlord.
International Leadership of Texas has leased 3,549 square feet of office space in Tower 360, located at 1901 N. Hwy. 360 in Grand Prairie. Jared Laake, vice president at Bradford Commercial Real Estate Services, alongside Erik Blais, senior vice president, and Richmond Collinsworth, senior vice president and managing partner, represented the landlord in the deal.
Bradford Commercial Real Estate Services coordinated a lease for 3,000 square feet of flex space in Hackberry Business Park in Frisco to K&L Construction. Bradford Commercial Real Estate Services’ vice president Jason Finch represented the landlord. Ruth Harris of Kelly Harris represented the tenant.
Schoellhorn has renewed 2,721 square feet of office space in Arapaho Gardens in Richardson. Paul Richter, vice president of Bradford Commercial Real Estate Services, represented the landlord. Michael Terry of Michael S. Terry Commercial Real Estate represented the tenant.
Retail
Disney Investment Group announced the sale of Lewisville West, a 129,129 square foot grocery shopping center in Lewisville to Newport Capital Partners. The shopping center has 23 tenants, including El Rancho Supermercado, Liquor Den, Jefferson Dental, Verizon, Cricket Wireless, Starbucks, and others. David Disney and Adam Crockett of DIG represented the landlord and the buyer, Newport Capital Partners.
Henry S. Miller Equity Partners represented Oakmont Land Six in the sale of Main Street Crossing, a 24,000-square-foot retail center at 615 Main St. in Frisco. Frank Bullock, Michael Gresback, and Maury Levy negotiated the deal, representing Henry S. Miller Equity Partners. Tim Axelrod with Shop Cos. represented the buyer, Main STX.
National retailer Boot Barn has leased 12,407 square feet in Mansfield Towne Crossing. Edge Realty Partner’s Andrew Shaw, Steve Ewing, and Connor Cox represented the landlord, and CBRE represented the tenant in the deal.
Industrial
Dallas-based Westmount Realty Capital is partnering with Ares Management Corp. to recapitalize a 51-asset industrial portfolio totaling 6.1 million square feet in the Chicago and Milwaukee markets, with the majority of assets within proximity to the Chicago O’Hare International Airport. The portfolio, which is currently 98.8% leased, contains mostly in-fill, multi-tenant industrial properties, according to the release.
