Granite Properties Starts Construction on DFW Project

Granite Place II at Southlake Town Square. Rendering courtesy of Granite Properties

Granite Properties has kicked off construction on the second phase of Granite Place at Southlake Town Square, a 158,000-square-foot office building in Southlake, Texas. Granite Place II will encompass 143,500 square feet of Class AA office space across five stories.

The Plano-based developer will finance the construction with a two-year $60 million self-financed loan, according to Tarrant County records.

Granite Properties expects to deliver the project, aimed to achieve both LEED and Fitwel certifications, in February 2023. Designed by Corgan Associates, Granite Place at Southlake Town Square II will blend in with the initial phase, which came online in 2017. The development team also includes DPR Construction serving as general contractor.

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The new phase will feature floor-to-ceiling windows, along with an environmental and wellness-focused design, such as touch free fittings throughout the building and clean air technology. Planned amenities include an open-air work and conference area, corporate living room and fitness center.

Granite Place I & II at Southlake Town Square. Rendering courtesy of Granite Properties

Granite Place II will rise next to the fully leased initial phase at 550 Reserve St., occupied by tenants such as Wells Fargo Advisors, Regus and OS National, according to CommercialEdge data.

Granite Properties has opted to market the second phase in-house, with a leasing team led by Robert Jimenez, Granite’s senior director of corporate leasing, along with Leasing Managers Burson Holman and Elizabeth Fortado. Granite Place II will offer move-in ready suites and other flexible leasing options.

Office construction across DFW

Developers continue to show interest in the Dallas-Fort Worth office market. While at the end of last year, more than 5.1 million square feet of office development was underway in the metro, that number grew to more than 5.8 million square feet as of January, according to CommercialEdge data. This marked a 20-basis-point month-over-month growth relative to total stock, reaching 2.1 percent, slightly below the national rate, with 150.5 million square feet of new projects representing 2.2 percent of the total supply.

The developer has more than 2 million square feet of commercial real estate projects underway in the Atlanta, Boston and Dallas-Fort Worth markets. In December, Granite Properties started construction on Granite Park Six, a Class AA office project totaling 420,000 square feet in Plano, Texas. Two floors of the 19-story development anticipated to come online in mid-2023 is preleased to Stonebriar Commercial Finance.