DFW Tower Gets Underway With Big Prelease
Granite Properties has started construction on the latest office building in its mixed-use project in Plano, Texas.
Lecture hall at Granite Park Six. Image courtesy of Granite Properties 
Granite Park Six lounge. Image courtesy of Granite Properties 
Granite Park Six terrace. Image courtesy of Granite Properties 
Granite Park Six terrace. Image courtesy of Granite Properties 
Granite Park Six terrace. Image courtesy of Granite Properties 
Granite Park Six. Image courtesy of Granite Properties
Granite Properties has begun construction on Granite Park Six, a 19-story, 420,000-square-foot Class AA office building in Granite Park, a 90-acre mixed-use development in Plano, Texas.
In tandem with that, Granite has nailed down a prelease with Stonebriar Commercial Finance for two floors, totaling 52,000 square feet, at Granite Park Six. Stonebriar is a privately owned commercial finance and leasing company, which already has its headquarters offices at Granite Park Three.
Stonebriar was represented by Tyler Thomas and Scott Morse of Citadel Partners, and Granite was represented in-house by Robert Jimenez, senior director of leasing, and Burson Holman.
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Designed by BOKA Powell, with interiors by HKS Architects, Granite Park Six will be the tallest building in Granite Park and both LEED and Fitwel certified. Austin Commercial is the general contractor.
The building will be delivered in June 2023.
Its amenities, which will be accessible to all Granite Park customers, will include outdoor green space at the sixth-floor amenity terrace, a fitness studio with group classes, an indoor customer lounge, a golf simulator and a 400-seat lecture hall at the mezzanine level. A ground-level market café will provide breakfasts, lunches and take-home meals.
Wellness features include the clean air technology Needlepoint Bipolar Ionization in the HVAC system; a touchless path from the building’s six-level parking garage to the offices, as well as touch-free entry doors and touch-free fixtures in restrooms; and a destination dispatch elevator system that office workers can control with their smartphones.
Stabilizing, but …
A year ago in October, TerraCap Management acquired Plano Office Center, a two-building, 199,000-square-foot office asset in Plano. The acquisition was financed with a $28 million loan from Prime Finance.
Last December, Peloton leased 103,750 square feet at Legacy Central in Plano, an expansion from 27,518 square feet. CBRE represented Peloton on the lease, while Transwestern represented the landlord, Regent Properties.
Strong leasing is helping the Dallas–Fort Worth office market to stabilize, although sublease vacancy is up and rental rates across the metro have flattened, according to a third-quarter report from Newmark.
The Richardson/Plano submarket has seen its average vacancy edge up year-over-year, from 17.2 percent in the third quarter of 2020, to 18.2 percent now. The total availability is 21.2 percent, on an inventory of about 38.4 million square feet. Year-to-date absorption has been slightly negative, by about one-third of a million square feet, again according to Newmark.
