Law Firm Signs 50 KSF Lease in Dallas
The tenant will occupy more than two floors at the building.
Law firm Gray Reed has signed a nearly 50,000-square-foot, long-term lease at 1845 Woodall Rodgers in Dallas. A joint venture between Woodbine Development Corp. and First United Bank owns the 147,000-square-foot office building.
Woodbine Commercial arranged the deal on behalf of the ownership, while Newmark represented the tenant.
Gray Reed will occupy more than two floors at the property and will begin construction on its new office next year. Upon build-out completion, about 150 employees will relocate to the Uptown building from Santander Tower, a 1.4 million-square-foot high-rise located at 1601 Elm St. in the city’s CBD.
The firm will join tenants such as CornerStone Staffing, Inland Investment Group and Omniplan, according to CommercialEdge. The two owners also occupy a combined 40,000 square feet within the high-rise. After Gray Reed’s agreement, the building reached a 95 percent level of occupancy.
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The duo purchased the 17-story asset in March 2019 using funds from a $44.6 million acquisition and development loan originated by First United Bank, the same source shows. Karns Commercial Real Estate sold the property.
Completed in 1984, the Class A building was renovated in 2014 and underwent cosmetic upgrades in 2021. The high-rise features four passenger elevators, floorplates averaging more than 18,000 square feet, some 440 parking spaces and a coffee bar.
Located at 1845 Woodall Rodgers Freeway, the building is near downtown Dallas and close to several retail and dining options. The DFW International Airport is roughly 16 miles northwest.
Woodbine Commercial Managing Partner Alexis Martinez oversaw leasing efforts on behalf of the ownership. Newmark Executive Managing Director John Beach and Associate John Magness represented Gray Reed in the deal.
Office vacancy rate up in Dallas
Dallas’ office vacancy rate at the end of September clocked in at 22.9 percent, 390 basis points higher year-over-year and well above the 19.5 percent national average, according to the latest CommercialEdge office report. However, the metro’s listing rate during the same month reached $30.64, marking a 12.3 percent growth over a 12-month period.
In August, Bank of America renewed its 553,799-square-foot leasing agreement for another 10 years at Hallmark Center I in Addison, Texas. The RMR Group is the owner of the two-building campus.
A month earlier, Santander signed a 211,087-square-foot lease renewal at Santander Tower. Woods Capital subsidiary Pacific Elm Properties owns the mixed-use property that also features residential units and a 60-key hotel.
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