Deloitte Leases 4 Floors at Dallas Office Development
Deloitte has signed a long-term lease for more than 100,000 square feet across four floors at 23Springs, a new office development in Dallas totaling 626,215 square feet. The owner is a joint venture between Granite Properties and Highwoods Properties. The tenant plans to relocate from Dallas Arts Tower in the spring of 2026.
This new lease brought the property’s occupancy to 34 percent. In August 2022, Bank OZK signed a long-term lease for four stories totaling 110,029 square feet and also provided $265 million in construction financing.
READ ALSO: Dallas Office Market Gives Off Mixed Signals
Granite broke ground on 23Springs in June 2022. One month later, Highwoods joined the project through the $130 million acquisition of a 50 percent stake in the development. GFF Architects designed the project and DPR Construction serves as general contractor. Completion is expected in March 2025.
The 26-story building is set to also include some 17,000 square feet of retail space. Amenities at the Class AA development will feature a 4,500-square-foot fitness center, two-story lobby with coffee-and-wine bar, golf simulator and valet parking, among others.
Located at 2323 Cedar Springs Road in Uptown, the 2.6-acre site is close to the Katy Trail and the Dallas North Tollway. The property is also adjacent to numerous retail options.
Granite’s in-house team that represented the ownership in the deal includes Senior Director Robert Jimenez, Director Burson Holman and Leasing Manger Elizabeth Fortado.
Dallas’ listing rates drop
Office listing rates in Dallas clocked in at $28 as of November, down 3.9 percent year-over-year and trailing the national average of $38, according to a recent CommercialEdge report. Meanwhile, the vacancy rate rose to 18.9 percent, up 70 basis points over the year and above the national figure of 18.2 percent.
In one of the biggest office leases of last year, Bank of America committed to 248,000 square feet at another Uptown development. The 500,000-square-foot tower is expected to come online in 2027.
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