Law Firm Renews and Expands Dallas Lease
Law Firm Walters, Balido & Crain has signed a 38,194-square-foot, seven-year lease renewal and expansion at Meadow Park Tower, a 262,776-square-foot office building in Dallas.
JLL worked on behalf of the tenant, while the owner Bradford MPT Partners was represented in-house by Bradford Commercial Real Estate Services.
The firm, which has been a tenant in the building for 11 years, renewed the lease about a year early and picked up 5,958 square feet of additional space, occupying the last two floors of the 16-story property.
Bradford is completing lease renewals with three other tenants who will be moving to different spaces within the building to make room for WBC’s expansion needs. Additionally, the company’s agreement includes a tenant-improvement allowance to renovate both floors of its regional office.
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The owner acquired the asset at the beginning of 2022 from Novel Office, according to CommercialEdge. The firm used a $30.7 million loan from Simmons Bank for the purchase and, a few months later, took out a $35.7 million note originated by the same lender, the same source shows.
The Class A tower came online in 1986 and is now 96 percent leased. The building went through cosmetic renovations in 2011 and 2023. The latter involved a $10 million capex plan that resulted in the property earning the BREEAM accreditation for energy efficiency, boosting the workplace well-being.
Amenities include an updated fitness center, cafeteria, EV charging stations, dining area and lounge seating. The high-rise also has six passenger elevators, floorplates averaging 18,273 square feet and 755 parking spaces.
The building is at 10440 N. Central Expressway, adjacent to the Meadow Central Market shopping mall and some 22 miles from the Dallas-Fort Worth International Airport. Downtown Dallas is some 8 miles southwest.
Bradford Commercial Real Estate Services First Vice President Jared Laake and Senior Vice President Richmond Collinsworth represented the landlord. JLL Sales Coordinator Taylor Messina and Executive Vice President Scott Hage worked on behalf of the tenant.
Dallas office vacancy rate climbs
Dallas’ vacancy rate reached 22.9 percent at the end of September, registering a 390-basis-point increase year-over-year, according to a CommercialEdge office report. The figure is also well above the 19.5 percent national average, but below Austin and Houston, which registered a vacancy rate of 27.8 percent and 25.2 percent, respectively.
In August, Bank of America renewed its 553,799-square-foot space for another 10 years at Hallmark Center I in Addison, Texas. The RMR Group owns the two-building campus completed in 1977 and 1997.
More recently, another law firm committed to almost 50,000 square feet in Uptown Dallas. Gray Reed will lease the space at Woodbine Development Corp. and First United Bank’s 1845 Woodall Rodgers.
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