KBS, one of the largest investors in premier commercial real estate in the nation, has signed lease agreements with six tenants at Highland Park Place, an 18-story Class A office tower in Dallas, Texas.
The culmination of these transactions brought the property to 100% occupancy and included five new leases and one lease expansion. In addition, it covered two spec suites and a ground-floor café concept new to the Dallas market.
“KBS has a long history of identifying assets with strong income potential located in the epicenter of key growth markets throughout the country, including Dallas,” says Giovanni (Gio) Cordoves, Western regional president for KBS. “The leases completely fill the building’s remaining rentable square footage and demonstrate office users’ ongoing healthy appetite for high quality space even in the midst of the current pandemic.”
Highland Park Place is a 164,011 square-foot office building located at a premier business address in Dallas’ vibrant Knox Henderson District, in close proximity to an eclectic mix of retail, dining and entertainment options, says Brett Merz, asset manager for Highland Park Place and senior vice president at KBS.
“Highland Park Place offers a wealth of first-class on-site amenities including management, an on-site carwash/detail service, an energy management system, free bike sharing, a property smartphone app, conference center/boardroom, shower/locker rooms, express shipping service, high-speed internet, and a U.S. postal office. There is also a grocery store, fitness center and a major university nearby. Tenants have everything at their fingertips so they can work, eat, shop, exercise and relax, all within the neighborhood.”
KBS has signed transactions with the following tenants at Highland Park Place:
- A Private Advisory Firm – a 5,109 square-foot new lease; the tenant was represented by Rich Flaten and John Ellerman with CBRE
- iDesign– a 2,829 square-foot new lease
- A Construction Company – an extension of their 2,340 square-foot space and an expansion of 1,468 square-feet; the tenant was represented by Kim Lyon and Scott Hobbs with Cushman & Wakefield
- Fairgrounds Coffee and Tea– a 2,176 square-foot retail lease; the tenant was represented by Todd Siegel with CBRE
- Greystone Servicing Company – a 1,782 square-foot new lease; the tenant was represented by Renee Castillo with CBRE
- Willowood Group – a 1,071 square-foot new lease; the tenant was represented by Justin Utay with NAI Robert Lynn
The new leases for iDesign and Willowood Group are part of a successful progressive spec-suite program that KBS introduced to help facilitate leasing transactions and allow tenants to customize their space at its properties, according to Cordoves.
Fairgrounds Coffee & Tea is not your average coffee shop, the one-of-its-kind cafe destination is all about choice. The company offers a dozen craft coffee roasters from across the country, such as Verve, Stumptown and Colectivo all under one roof. In the Fairgrounds world, tea is treated with the same emphasis as coffee, with options including matcha whisked to order, healthy, colorful elixirs and 15+ tea varietals, served hot or iced. In addition, the concept boasts a chef-driven food menu, offering house made breakfast and lunch options, in addition to various snacks and a grab and go market. The café will be adorned with beautiful Pothos plants, caramel-colored booths, and vintage fair decor is expected to seat approx. 90 people and will have a large outdoor patio, perfect for al fresco dining, according to Merz.
“We are thrilled to bring an entirely new café concept to the Dallas area,” says Merz. “The new lease with Fairgrounds Coffee & Tea at this premier asset represents a win-win for KBS, our tenants and the entire Highland Park area. We look forward to working with them on build-out services for Fairgrounds’ new space as they create a fresh presence for tenants and the surrounding community.”
Trey Smith, executive vice president, and Lauren Napper, senior vice president at CBRE, represented KBS in the new lease transactions.
“The exclusive location, superior amenities, and high-quality management at Highland Park Place position it as an extremely desirable property for office users in the Dallas market,” says Napper. “Companies are drawn to this asset for its ability to help them attract and retain top talent in this market, and they stay for the excellent services that KBS provides.”
According to CBRE, in November 2020, Dallas marked its seventh consecutive month of job gains since the onset of the recovery, according to the Dallas Fed. The same report shows the Dallas/Fort Worth market outpacing Texas and the U.S. in employment growth. This data positions the market for continued growth once the pandemic is over.
Highland Park Place is located at 4514 Cole Avenue in Dallas, Texas. Please find photos of Highland Park Place here.