Bank of America Renews 554 KSF Lease

August 20, 2024

Office Brokerage Dallas News More Southwest

The company will occupy this Dallas-area campus for another 10 years.

Exterior shot of the Hallmark Center I in Addison, Texas. — Hallmark Center I encompasses two office buildings that came online in 1977 and 1997. *Image courtesy of CommercialEdge*

Bank of America has signed a 10-year, 553,799-square-foot lease renewal at Hallmark Center I in Addison, Texas, for the entire campus. JLL worked on behalf of the tenant, while Stream Realty Partners represented the landlord.

Office Properties Income Trust is the owner of the asset, while The RMR Group is the property manager. The investment bank was the sole tenant of the campus after a sale-leaseback transaction back in 2013. The firm sold the asset for $105 million, according to CommercialEdge information.

Hallmark Center I consists of two buildings, rising two and three stories, that came online in 1977 and 1997. The two-story property features three passenger elevators, about 750 parking spaces and floorplates averaging 140,000 square feet, while the other building has 90,000-square-foot floorplates and roughly 1,470 parking spots.

The 35-acre campus is at 16001 N. Dallas Parkway, close to Addison Airport and the city’s downtown. Downtown Dallas is within 16 miles, while DFW International Airport is less than 20 miles away.

Stream Managing Directors Rhett Miller and Matt Wieser represented the RMR Group in the deal. JLL Managing Directors Andy Leatherman and Bret Hefton worked on behalf of the tenant.

Larger office deals are still happening

The current economic climate is still affecting the office sector. As of June, the Metroplex’s vacancy rate stood at 21.8 percent, 430 basis points higher year-over-year and well above the 18.1 percent national average, according to a CommercialEdge office report. Additionally, the metro’s average listing rate as of the same month clocked in at $28.99 per square foot.

However, office leases are still penciling out. In one of the most recent deals, Santander Consumer USA renewed its lease at 1601 Elm St. in Dallas. The firm will continue to occupy 211,087 square feet within the 50-story building.

Other notable activity in the area included Dallas Plastic Surgery Institute’s renewal at The Pyramids at Park Lane South in Dallas. The company will keep its 45,000-square-foot space at Big Sky Medical’s campus.