Stream Opens Uptown Dallas Office Tower
Stream Realty Partners has completed The QUAD in Uptown Dallas. The property comprises a 345,425-square-foot, 12-story office building at 2699 Howell St., along with five stand-alone retail structures.
The QUAD also features more than one acre of open space, including an urban lawn, and The QUAD Club, a penthouse amenity center with a full-service bar, lounge, conference center and rooftop terrace with views of the Dallas skyline.
In addition, The QUAD will be the first building in Dallas to achieve both WiredScore and SmartScore Platinum ratings, according to Stream.
READ ALSO: Dallas Office Market Sees Rise in Development
Stream broke ground on the project in 2022, financing its construction with an $181 million loan from MSD Capital, according to CommercialEdge information. The project architect was OMNIPLAN and the general contractor was Austin Commercial.
Stream’s development team included Executive Managing Director and Partner Ramsey March, Senior Director Brad Dornak, Senior Director of Design and Construction Jerry Mays, and Director of Design and Construction Blake Bell.
The office building has floorplates ranging from 30,300 to 31,800 square feet and 13-foot-6-inch
floor-to-ceiling windows. Amenities include bike lockers and an underground parking with nearly 840 spaces, the same source shows.
The QUAD’s office space was substantially preleased, Stream having signed four tenants—Revantage, Chicago Title, M Financial Group and Berkshire Residential—for a total of 115,000 square feet. Leasing is being handled by Stream Senior Vice President Ryan Evanich and Vice President Marissa Parkin.
The project took shape on some 4 acres that were once home to The Quadrangle, one of the first mixed-use developments in the city. Downtown Dallas is roughly 2 miles south.
Market stall
The Dallas–Fort Worth office market saw positive absorption of just 175,300 square feet in the first quarter, on an inventory of 316.6 million square feet, according to a first-quarter report from Colliers.
Vacancy across both Class A and B spaces remained unchanged at around 20.6 percent overall—and at their highest levels in 10 years. Average rents for both classes declined slightly.
“Sublease space, which encompasses more than 10 million square feet, remains a significant influence in the market,” Colliers reported.
In mid-April, a joint venture of Pacific Elm Properties and KDC secured a $290 million construction loan for Parkside Uptown, their 500,000-square-foot office development in Dallas. Goldman Sachs Alternatives provided the four-year, floating-rate loan and JLL represented the borrower.
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