Law Firm Renews Downtown Dallas Office Lease
Cooper & Scully has renewed its 47,900-square-foot commitment at Charter Holdings’ Founders Square, a historic 274,010-square-foot office building in downtown Dallas. The litigation firm has the largest footprint and has been a part of the roster since 2013.
Stream Realty Partners, which was recently appointed as exclusive leasing broker and manager of the building, and CBRE handled the renewal proceedings on behalf of the landlord and law firm, respectively.
The 1914-built property debuted as a warehouse for the Higginbotham-Bailey-Logan Co. dry goods company. In 1984, it was converted into an office building. Charter Holdings purchased the asset last year from Fidelity Commercial, a Taiwanese investment firm.
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The seven-story Founders Square features 35,500-square-foot floorplates, a skylit atrium-style lobby, an on-site deli, a conferencing facility, as well as a newly renovated garage providing the highest parking ratio in Dallas’ Central Business District. Charter plans to further renovate and upgrade the building.
Located at 900 Jackson St., the property is within walking distance of several parks, quick-service restaurants and transit stops. The Metroplex’s Giant Eyeball watches over the mid-rise from less than 1 mile away.
Stream Realty Partners Managing Director Rhett Miller and Associate Sam Bass represented Charter Holdings, while CBRE Executive Vice President John Ellerman and Vice Chairman Jeff Ellerman led the negotiations on behalf of Cooper & Scully.
Class A office space is in high demand
At the end of 2024’s second quarter, Dallas-Fort Worth’s office vacancy rate rose by 60 basis points quarter-over-quarter and landed at 22.0 percent, according to a report by Cushman & Wakefield. The report partially attributes this increase to several speculative projects that debuted this quarter.
Two such developments are Stream Realty Partner’s The Quad, a 12-story office building in Dallas, as well as The Tower at Hall Park, a AAA office tower in Frisco, Texas, part of Hall’s $7 billion master plan. The pair of properties total 732,371 square feet and were 16.9 percent leased upon delivery.
Net absorption totaled negative 950,409 square feet during the second quarter and negative 3 million square feet year-to-date through June. However, the flight-to-quality trend drove demand for prime office space in Class A properties, as 1.3 million square feet of leases were inked in the second quarter—65.1 percent of all leasing activity.
Another Dallas office lease renewal took place earlier this month. Santander renewed its 211,087-square-foot lease at Pacific Elm Properties’ 1601 Elm St., a 1.4 million-square-foot mixed-use tower.
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