Texas’ Top Office Deliveries
As construction activity remains steady nationwide, deliveries in the Lone Star State have significantly bolstered the existing inventory across major metros over the past 12 months.
Development activity in Texas has remained steady over the past 12 months, reflected by the number of significant deliveries across major metros, despite rising operation costs and labor shortages. According to the latest national office report from Yardi Matrix, some 171.4 million square feet of space was under construction nationwide as of February, representing 9.7 percent of total inventory.
At a closer look, the largest completions in the Lone Star State throughout the past 12 months were concentrated in well-established metros such as Dallas, Austin and Houston. Yardi Matrix put together a list of the top deliveries in Texas, revealing that four of the biggest developments to come online over the previous months took shape in Dallas.
5. PwC Tower at Park District, Dallas
PwC Tower at Park District. Image courtesy of Yardi Matrix
Trammell Crow delivered the 500,000-square-foot PwC Tower at Park District in Dallas in the second quarter of 2018. As the name suggests, accounting firm PwC is the anchor tenant and leases 200,000 square feet at the Class A building, which is part of Park District, a two-tower development in the city’s Uptown submarket.
Developed in a partnership with Metropolitan Life Insurance, the $215 million, 916,000-square-foot mixed-use project also features a 34-story apartment high-rise. Recently, law firm Caldwell Cassady & Curry signed on as a tenant at the 20-story office tower, which is 100 percent occupied.
4. Liberty Mutual at Legacy West, Dallas
Liberty Mutual Tower at Legacy West. Image courtesy of Yardi Matrix
Liberty Mutual Insurance’s $325 million, 1 million-square-foot regional campus broke ground in September 2015 and came online last summer, with substantial completion wrapped up in 2017. The two towers are within Plano’s Legacy West development, which opened in June 2017. Liberty Mutual joined corporate giants such as Toyota, JPMorgan Chase and FedEx Office at the $3 billion urban village.
The insurance company plans to eventually move roughly 5,000 employees to its Plano hub. Developed by KDC and designed by Omniplan, the buildings are connected via the eighth floor, which totals 250,000 square feet—the equivalent of five football fields.
3. The Union Dallas, Dallas
The Union. Image courtesy of Yardi Matrix
The 1.2 million-square-foot, $350 billion mixed-use development in Uptown Dallas totals 420,000 square feet of office space, a 60,000-square-foot ground-floor grocery store, a 309-unit residential tower and a central plaza on the corner of Cedar Springs Road and Harry Hines Boulevard, connecting the residential and office components.
RED Development acquired the land for The Union five years ago and broke ground on the project in November 2016. Designed by HKS and developed by DPR Construction, The Union reached completion in the fourth quarter of 2018. This February, Nuveen opened its 11th office on the 16th floor of The Union, marking the company’s 27th location worldwide.
2. Waterfront – Oracle Campus, Austin
Waterfront – Oracle Campus. Image courtesy of Yardi Matrix
Oracle’s 40-acre waterfront campus in Austin opened last year in March, overlooking Lady Bird Lake and housing approximately 5,000 employees. The 560,000-square-foot facility encompasses two office buildings so far, with Oracle’s plans including further expansions—the company intends to grow the corporate campus to eventually accommodate as many as 10,000 workers.
The property includes an on-site 294-unit residential building, available to the public and 55 percent occupied by Oracle employees. The live-in campus initiative was part of Oracle CEO Mark Hurd’s Class Of program, which aims to bridge the gap between school and a top-notch career in sales.
1. The Post Oak, Houston
The Post Oak. Image courtesy of Yardi Matrix
The $300 million mixed-use Houston development came online in March 2018, taking up 10 acres along West Loop South in the Galleria. The 38-story, Landry’s-owned tower features 700,000 square feet of luxury hotel, residential, office, restaurant and retail space.
The hotel portion includes 250 guestrooms across 16 floors, the residential component features 20 furnished apartments on two floors, and the office section encompasses 150,000 square feet of Class A space. The property also features a 10-story parking garage, a 16,000-square-foot event room, a luxury car showroom, a salon and spa as well as several restaurants.
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