This Week's Dallas-Fort Worth Deal Sheet
Living up to its name, One Arts Plaza in Downtown Dallas inked a deal with a new office tenant from the creative class of businesses.
Developer and landlord Billingsley Co. announced marketing communications firm Jackson Spalding is moving into One Arts Plaza building in September and will occupy a little over 10K SF on the ninth floor.
Jackson Spalding has a client roster that includes Toyota, Mattress Firm, Chick-fil-A, Dallas Regional Chamber, Altair Global and Lyda Hill Philanthropies.
“We are thrilled to have Jackson Spalding join us at One Arts Plaza. We love the energy that employees of creative firms bring to the building,” Billingsley Co. partner Lucy Burns said.
“With this lease, we are 95% leased at One Arts. Demand in the downtown market has been strong and as a result, we are seeing great results with our spec suites program. We’ve built flexible 2K–5K SF suites so a prospect could essentially move in immediately.”
Cushman & Wakefield’s Dan Harris and Craig Wilson represented Jackson Spalding, while Thirty-Four Commercial’s Sarah Hinkley and Luke Walter represented Billingsley Co. and One Arts Plaza.
SmithGroup is expected to design the space.
LEASES
Richardson-based general contractor Hill & Wilkinson inked a deal with Pillar Commercial to extend its office lease and add more space at 2703 Telecom Parkway in Richardson.
The company is committing to 58K SF at the single-story suburban office building. Newmark Knight Frank's James Cooksey, Garrison Efird and Adam Faulk represented Hill & Wilkinson.
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Peregrine Group is renewing and expanding its lease at Rosewood Court, 2101 Cedar Springs in Dallas. The energy services firm will be increasing its office footprint to 26K SF.
JLL's Russell Cosby represented the tenant, while Rosewood’s Haley Collard represented the landlord.
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Texas Wireline Manufacturing secured a lease for 20K SF at 8821 Forum Way in Fort Worth. Wingert Real Estate’s Todd Lambeth represented the tenant, and Mercer Co.'s Jeremy Mercer represented the landlord.
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Therm-All Inc. has renewed a 25K SF lease at 4884 Duncanville Road in Dallas. Mercer Co.’s Jeremy Mercer represented the tenant, while NAI Robert Lynn’s Matt Ellis represented the landlord.
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JLL announced that after Driveline Motorcars agreed to lease 27K SF of industrial space at Venture Distribution Center and Century Inc. agreed to lease 35K SF, the Carrollton center is fully leased.
The facility is at 1030-1048 Trend Drive in Carrollton. JLL's Michael Haggar and Caleb McCoy negotiated the industrial leases for the landlord.
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Watters Creek East, an office and industrial asset in Allen, will be leased out by JLL industrial experts. The property at 600 Millennium Drive in Allen comes with 164K SF of office and industrial space and is visible from North Central Expressway.
The property comes with 6 acres nearby for potential expansion.
JLL's Melissa Holland, Chris Doggett and Chris Stout will handle marketing and leasing.
FINANCING
Transwestern Investment Group completed the monetization of TSP Value and Income Fund I — a real estate investment fund that delivered a 17% net internal rate of return to investors after fees, expenses and carried interest.
The fund, which has $150M in committed equity, produced more than 9% annual cash-on-cash since the first acquisition in February 2015.
THIS OR THAT
The Dallas Arboretum and Botanical Gardens christened the 8-acre Tom and Phyllis McCasland Horticulture Center. The center brings first-class greenhouse facilities to the botanic garden. Before the opening, the center installed 17K SF of climate-controlled greenhouses, which were dedicated on April 3.
“We’ve visited gardens around the world, and when we moved to Dallas, we knew we had to be involved with the Dallas Arboretum. We have a world-class garden, and now we have the greenhouse to help us save money and control the quality of what we grow,” said Tom McCasland, one of the donors who made the construction possible. The Jeanne R. Johnson Foundation and the Hoblitzelle Foundation also sponsored the center.
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Real estate technology brokerage Compass opened a permanent Fort Worth office at the Shops at Clearfork with the expectation of housing 30 agents there by the end of the summer.
The 12K SF space is large enough to allow the firm to triple its number of agents by the end of the year.
