This Week's Dallas-Fort Worth Deal Sheet: Ryan LLC, Koch To Occupy New Ryan Tower In Plano
Ryan Cos. has completed the 23-story Ryan Tower in the Legacy West development in Plano, landing a big tenant that shares its name, though not its origin.
Tax services and software provider Ryan LLC, which is not affiliated with Ryan Cos., will be the tower’s anchor tenant, taking up half of its 409K SF.
Kansas-based company Koch will also occupy another 29K SF of the tower.
“Despite major market headwinds and escalated interest rates creating challenges in market demand, along with increased costs associated with materials and labor, our project team was able to deliver Ryan Tower on time and on budget,” Ryan Cos. Director of Development Hank Biddle said in a statement.
The tower’s amenities include a barista-style coffee bar, a café, a fitness center and a tenant lounge as well as an outdoor terrace and balcony. Ryan LLC plans to move into what will be its new global headquarters in early 2025.
Gensler served as architect for the tower, while Ryan Cos. was the developer, design-builder and equity partner. Koch Real Estate Investments also partnered in the project. Acore Capital provided construction financing, and Lincoln Property Co. provided property management services. JLL’s T.D. Briggs and Blake Shipley are overseeing leasing efforts for the tower.
PEOPLE
Newmark added Clint Frease as the firm’s vice chairman. In his new Dallas-based position, Frease will lead Newmark’s debt capital markets efforts across Texas and the Central region as well as being a national debt advisory for its data center capital markets team. Frease brings 20 years of experience to the firm, including his most recent stint as managing director at Eastdil Secured.
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Building management and power monitoring system provider Divcon Controls named Molly Ward its vice president of sustainability. Ward has more than 15 years of experience in sustainable practices and innovative solutions, and she will lead the company’s strategic initiatives. Ward comes to Divcon from Apple.
SALES
Billingsley Co. sold the 304K SF International Business Park 8, 9 and 10 along the Dallas North Tollway in Dallas. The three-building office campus, which is 79% leased, was sold to an undisclosed user. Newmark Group Inc.’s Chris Murphy, Robert Hill and Gary Carr represented the seller in the deal.
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SPI Advisory LLC has sold the 276-unit Northpoint Villas apartment community in Fort Worth. SPI closed on the sale Oct. 30 after owning the property for five years. Northpoint Villas was built in 2009.
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KO Storage has purchased the nearly 50K SF North Texas Star Storage at 7604 Veal Station Road in Azle. North Star Texas Storage was built earlier this year and offers 191 units on more than 4 acres. Marcus & Millichap’s Brandon Karr and Danny Cunningham procured the buyer and represented the seller, a southern California-based investor.
LEASES
Law firm Gray Reed signed a nearly 50K SF lease with Woodbine Commercial and First United Bank in their building at 1845 Woodall Rodgers. Gray Reed will relocate around 150 employees from Santander Tower to the Dallas building once construction on the firm’s new office is completed. Gray Reed officials said work is slated to begin next year. Woodbine Commercial’s Alexis Martinez oversaw leasing efforts. Newmark’s John Beach and Jay Magness represented Gray Reed in the negotiations.
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Law firm Walters, Balido & Crain LLP signed a lease renewal with a seven-year term in Meadow Park Tower at 10440 N. Central Expressway in Dallas. The Austin-based firm resigned a year early and added nearly 6K SF of space to give it a total of more than 38K SF and the top two floors of the building. Bradford Commercial Real Estate Services’ Richmond Collinsworth and Jared Laake represented the landlord, Bradford MPT Partners LLC. JLL’s Scott Hage and Taylor Messina represented Walters, Balido & Crain.
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Wintrust Commercial Finance renewed its 19K SF office lease at Hall Park in Frisco. Wintrust Commercial Finance, a division of Wintrust Asset Finance Inc., has been at Hall Park since 2015. Trumont Commercial’s Tyler Thomas represented Wintrust Commercial Finance in the deal.
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Insurance company Allstate and apartment manager Greystar signed new leases at mixed-use development Cypress Waters in Coppell. Allstate is expanding its Dallas operations with its 53K SF lease at Cypress Waters. Greystar signed for 32K SF in the development at 8840 Cypress Waters Blvd.
Several other companies, including Gray Construction, Senske, Healthmark Parallel Advisors and Salad and Go also signed office leases, though square footage was not disclosed.
CONSTRUCTION AND DEVELOPMENT
Hoque Global, DR Horton and Lennar are working together on the mixed-use University Hills development in southern Dallas next to The University of North Texas at Dallas campus. The 270-acre development will include commercial buildings and urban homes, with a town center at its core and green spaces throughout. Hoque Global plans to begin infrastructure construction in early 2025.
DR Horton and Lennar bought approximately 580 lots for townhomes and single-family homes from Hoque Global for the development.
CORRECTION, NOV. 12, 12:05 P.M. CT: A previous version of this story misidentified the company that provided construction financing for Ryan Tower. The story has been updated.
