This Week's Dallas-Fort Worth Deal Sheet
Law firm Katten Muchin Rosenman LLP signed a long-term lease this month, securing 56K SF inside PwC Tower at Park District in the heart of Dallas, adjacent to Klyde Warren Park.
The law firm is the latest legal provider to join the growing tenant roster inside the 500K SF Class-A office tower.
Park District is a joint venture between Trammell Crow and MetLife Investment Management. Along with anchor tenant PwC and CBRE's flexible workspace provider, Hana, the tower already houses staple law firms, including Winston & Strawn, Barnes & Thornburg and Caldwell Cassady & Curry.
"This office is geared toward what the next generation of attorneys are asking for — a high-tech, flexible and efficient use of space," Katten Managing Partner Mark Solomon said. “Additionally, the opportunity to relocate to Klyde Warren Park puts our attorneys and clients closer to the communities where they live and work, something that is important to them and to us.”
Katten expanded its Texas presence in February by launching a group of seven corporate partners in Dallas to focus specifically on private equity work. The firm also maintains offices in Houston and Austin.
PwC Tower is a 20-story office tower with an executive lounge, collaborative office spaces, on-site restaurants and a fitness facility, as well as valet parking. Lincoln Property representative Matt Craft handled negotiations for Katten while Dennis Barnes, Shannon Brown and Clay Gilbert with CBRE Dallas represented the landlord.
LEASES
JLL was selected to serve as the leasing partner for 300 Bailey and 464 Bailey — two landmark buildings in the Cultural District of Fort Worth.
The buildings' ownership group, Mereken Land & Production Co., selected JLL’s Matt Montague and Alec Whitman to market and lease the properties.
The 464 Bailey building — designed originally by Fort Worth architect Preston Geren in 1954 — will undergo an extensive renovation, turning it into a Class-A boutique office building. The property redesign includes plans for a second-floor terrace with views of Downtown Fort Worth and a space expansion from 12K SF to 22K SF.
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Oncor Electric Delivery Co. leased 17,700 SF in Grand Prairie from Mercer Metals L.P. The space at 252 and 260 Gilbert Circle in Grand Prairie sits on 4.73 acres. Jeff Mercer with Mercer Co. represented the landlord, while Randy Touchstone with JLL represented the tenant.
SALES
Dunhill Partners purchased a retail center, The Village at Camp Bowie, from a joint venture partnership formed by Lincoln Property and Boston-based Long Wharf Capital.
The 180K SF retail center is in Fort Worth and anchored by a Sprouts Farmers Market. The retail center is at the intersection of Camp Bowie Boulevard and Interstate 30 and has a daily traffic count of more than 130,000 vehicles on the roads adjacent to the store. Eighty-nine percent of the center is leased, and it houses 39 different tenants, including Tuesday Morning, Verizon, Orangetheory Fitness, Keller Williams and McAlister’s Deli.
The seller was represented by the HFF investment advisory team of Jim Batjer, Barry Brown, Ryan Shore and Aaron Johnson.
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Berkadia announced the sale of the Bungalow at Lake Arlington, a 64-unit multifamily complex in Arlington, Texas. The property was built in 1984. Berkadia's William Jarnagin, Jay Gunn, Tom Burns, Taylor Hill and Michael Ware brokered the deal.
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Military Mercer Properties LLC sold 54,200 SF at 3201 Military Parkway in Mesquite, Texas. The buyer is Silverton Moon Real Estate Partners. David Guinn with Mercer Co. represented the buyer, while Keenan Cook and Tucker Cason with Mercer Co. represented the seller.
EXECS
Commercial real estate investment services firm Greysteel promoted Doug Banerjee to the post of senior managing director. Banerjee, who also co-leads a national affordable housing practice as a member of its steering committee, leads a team of 13 professionals working in Greysteel’s sales and structured finance practice.
Banerjee oversees institutional, middle-market and private multifamily transactions in the central part of the U.S. and handles investment sales and structured finance for the company’s Dallas, Fort Worth and Oklahoma offices. He has already closed $1.5B in total sales and structured finance deals.
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Thomas Title & Escrow named Anne M. Clark senior vice president for the Dallas market. Clark oversees workflow practices in title and escrow, while also handling regulatory compliance. Prior to joining Thomas, Clark spent two decades at a Texas title company.
FINANCING
Heart to Heart Hospice out of Plano, Texas, secured a $44M recapitalization loan arranged by Metropolitan Capital Advisors. The hospice center founded in 2003 offers end-of-life care for patients in 36 locations throughout Texas, Michigan and Indiana. The $44M mortgage with Cerberus Capital was arranged by Metropolitan Capital’s Todd McNeill and Kevan McCormack.
