Property Advisers Realty Inks HQ Expansion at DFW Property

Property Advisers Realty has signed a lease expansion and extension totaling 45,098 square feet at The Madison, a Class A office building in Addison, Texas, within the Platinum Corridor South submarket. The tenant is waste and sustainability operator CheckSammy, that expanded its commitment with 22,549 square feet.

Cushman & Wakefield represented the tenant, while the owner worked in-house. The building’s roster includes The RMR Group, Regus, Orlando Group, Northwestern Mutual and Trintech, among others, according to CommercialEdge.

The Madison is a 288,000-square-foot office mid-rise at 15851 N. Dallas Parkway that has four passenger elevators, a fitness center, 30,000-square-foot floor plates, first-floor retail space and 977 parking spots. Originally built in 1984, the property was recently renovated. The current ownership picked up the asset in 2016 from seller Granite Properties, CommercialEdge data shows.

The 12-story building sits on 4 acres and is close to the Dallas North Tollway and to Addison Airport, 13 miles from downtown Dallas, 16 miles from Irving, Texas, 18 miles from Dallas Fort-Worth International Airport and within 38 miles of Fort Worth, Texas.

Cushman & Wakefield’s team of Executive Director Travis Boothe, Senior Associate Hanna Henley and Vice Chairman Robbie Baty represented the tenant. With CheckSammy’s expansion, the company now increased its capacities to accommodate up to 250 employees, said Boothe, in prepared statements. Property Advisers Realty’s team of Executive Vice Presidents Michael Foster and Chris Andler represented the landlord.

Significant job growth and decreasing rents

Despite experiencing one of the most robust job growths across office markets, Dallas-Fort Worth saw its vacancy rate clock in at 20.2 percent, marking a 170 basis points increase as of December, a recent CommercialEdge report shows. The metro’s average listing rate fell more than 6 percent year-over-year, to reach $26.99 per square foot, one of the lowest among Southern markets.

On par with market dynamics, Bank of America signed a 238,000-square-foot lease at Parkside in Uptown Dallas, in one of the largest leases of 2023. Developed by Pacific Elm Properties and KDC, the office project will total 500,000 square feet. The tenant downsized from its former headquarters, where it occupied 500,000 square feet.