Top Office Deliveries

August 12, 2021

Development Austin Dallas Listicles More National News Office

According to CommercialEdge, 246 office projects came online across the U.S. in the first half of 2021. This included the largest corporate office project in Atlanta’s history.

Despite pandemic-induced delays in construction, developers managed to deliver some of the largest office projects in the nation in 2021. In the first half of the year, 246 office projects totaling more than 39 million square feet were completed, according to CommercialEdge data. This marks a 13 percent increase from the same period last year when 34 million square feet of office space came online. As of July, 904 office projects totaling some 215 million square feet were under construction nationwide.

Charlotte led the way in terms of completions between January and June 2021, with 10 deliveries totaling 2.6 million square feet of office space. Atlanta came in second, with six properties encompassing nearly 2.6 million square feet, followed by San Francisco (2.4 million square feet) and Dallas (2.2 million square feet). The list below highlights the largest office deliveries in the first half of the year, based on CommercialEdge data.

Rank	Property Name	Market	Office Sq Ft	Completion Date	Owner
1	State Farm at Park Center – Buildings 2 & 3	Atlanta	1,700,000	01/01/2021	State Farm Insurance
2	Nike World Headquarters – Serena Williams Building	Portland	762,000	05/01/2021	Nike
3	Ally Charlotte Center	Charlotte	756,521	05/01/2021	Crescent Communities
4	Indeed Tower	Austin	673,438	05/31/2021	Kilroy Realty
5	Block 162	Denver	584,737	04/01/2021	Patrinely Group

Source: CommercialEdge

5. Block 162, Denver

Block 162 in Denver. Image courtesy of Patrinely Group

In April, Patrinely Group and USAA Real Estate Co. wrapped up construction on Block 162, a 594,637-square-foot office building at 675 15th St., in the city’s central business district. The property includes 584,737 square feet of office and 9,900 square feet of retail space.

The joint venture started construction on the 30-story property in June 2018, with Pacific Coast Capital Partners backing the development with a $188.8 million loan. In one of the largest downtown leases closed since the onset of the pandemic, law firm Sherman & Howard LLC signed on to occupy 60,000 square feet within the Gensler-designed building, which will serve as its future headquarters.

4. Indeed Tower, Austin

Indeed Tower. Rendering courtesy of Kilroy Realty

At the end of May, Trammell Crow and Principal Real Estate Investors delivered Indeed Tower, a 708,438-square-foot asset at 200 W. Sixth St. in Austin’s CBD. The building encompasses 673,438 square feet of office space, as well as a food hall and retail components. The project broke ground in October 2017; shortly after its completion, Kilroy Realty Corp. agreed to acquire the asset for $580 million.

Rising 554 feet, the building is now the city’s tallest office tower. Anchor tenant Indeed occupies more than 307,000 square feet. The tenant roster also includes the Teacher Retirement System of Texas, Brown Advisory Group and law firm Vinson & Elkins.

3. Ally Charlotte Center, Charlotte

Ally Charlotte Center. *Rendering courtesy of Crescent Communities*

Crescent Communities recently finished work on the 786,155-square-foot Ally Charlotte Center. Encompassing 756,521 square feet of office and nearly 30,000 square feet of retail space across a full city block, the building was the second-largest upcoming office property in the metro—and North Carolina.

The 26-story tower is located at 601 S. Tryon St., where a Goodyear auto shop once stood. In addition to its office and retail components, it also includes a 1,436-stall parking garage and a 381-key hotel developed by White Lodging. Ally Financial Inc. will anchor the building, taking up 400,000 square feet of office space for its newest corporate center.

2. Nike World Headquarters – Serena Williams Building, Beaverton, Ore.

Nike World Headquarters expansion. Rendering courtesy of Skylab Architecture

The second-largest delivery on the list is the Serena Williams Building within Nike World Headquarters. The 1 million-square-foot building includes 762,000 square feet of office space and is the largest addition to Nike’s expanding campus, spreading across three city blocks at 1 Bowerman Drive in Beaverton, Ore.

Completion was initially scheduled for the end of 2020, but the project was finished in early May largely because of pandemic-induced delays. ZGF Architects, SRG Partnership and Skylab Architecture provided the design plans, while PLACE handled the landscape architecture. What’s more, the asset features a parking garage with 1,400 spaces inspired by the sporting heritage of New York City, as well as 238,000 square feet of auxiliary space.

1. State Farm at Park Center – Buildings 2 & 3, Atlanta

Phase II of State Farm at Park Center. *Image courtesy of KDC*

The largest office delivery in the first half of 2021 was the second phase of State Farm at Park Center, consisting of Buildings 2 & 3. Totaling 1.7 million square feet of office space, the 18- and 22-story assets were completed at the beginning of the year and include a total of 50,000 square feet of first-floor retail. The first building within the complex, known as Park Center 2, opened in June 2020.

Located at 1111 Hammond Drive in the city’s Central Perimeter submarket, State Farm at Park Center is the largest corporate office project in the metro’s history, rising on the site of the former Hammond Exchange building. Anchor tenant State Farm Life Insurance aims to consolidate 8,000 employees within the Cooper Carry-designed mixed-use campus.