aerial view of uptown dallas office space buildings with facades gleaming in the sunlight

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New Uptown Dallas Office Tower Secures Construction Financing

| Commercial Real Estate News, Development, Office| Views: 0

JLL recently announced that a JLL Capital Markets Debt Advisory team had arranged a construction loan totaling $290 million on behalf of Pacific Elm Properties. The developer is working on a class AA office tower dubbed Parkside Uptown, which will be located in uptown Dallas.

The JLL team that led financing efforts for the project included Executive Managing Director, Trey Morsbach; Senior Managing Directors Jim Curtin and Michael Cosby; and Managing Director Greg Napper.

The four-year, floating-rate loan was sourced from the Real Estate group within Goldman Sachs Alternatives.

Located on the corner of Harwood Street and Woodall Rogers Freeway in the Uptown Oak Lawn submarket, the property is slated to rise nearly 30 stories — including ground-floor retail and multiple levels of parking — and incorporate more than 500,000 square feet. Nearly half of this new trophy Dallas office space was pre-leased by the Bank of America at the time of the loan closing.

With completion estimated for the first half of 2027, the property design features amenities including a sky lobby and lounge; outdoor tenant terraces; fitness facilities; and roughly 8,000 square feet of ground-floor retail space.

The Parkside Uptown site is adjacent to the 5.2-acre Klyde Warren Park, which is an important local focal point that connects uptown and downtown Dallas.

Formed and managed by Woods Capital, the Pacific Elm Properties team boasts more than three decades of experience in the real estate market and has more than $6 billion worth of acquisitions and developments under its belt. The firm’s portfolio primarily includes mixed-use properties in Dallas and Raleigh, N.C., such as the Field Street District in downtown Dallas; Ivy Park in the Knox District in Dallas; and the new PNC Arena district in Raleigh.

According to the April 2024 national office report published by CommercialEdge, average full-service equivalent listing rates in Dallas increased more than 2% since the close of Q1 2023 to rest at roughly $29 per square foot in March of this year.

The Dallas office market also wrapped up the first quarter of 2024 with more than 5 million square feet of new office space in development, which marked the third-largest pipeline among markets tracked by CommercialEdge, following only Boston and San Francisco.

Finally, Dallas office space also came in third in terms of sales with transactions here totaling $257 million since the start of the year. For comparison, Bay Area office sales closed during the same time period added up to roughly $404 million. Meanwhile, Washington, D.C. took first place with nearly $1 billion in office assets trading hands in Q1.

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