{"id":38624,"date":"2024-05-10T07:17:41","date_gmt":"2024-05-10T04:17:41","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=38624"},"modified":"2025-11-12T17:15:33","modified_gmt":"2025-11-12T14:15:33","slug":"new-uptown-dallas-office-tower-secures-construction-financing","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/new-uptown-dallas-office-tower-secures-construction-financing\/","title":{"rendered":"New Uptown Dallas Office Tower Secures Construction Financing"},"content":{"rendered":"
[vc_row][vc_column][vc_column_text css=””]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.<\/p>\n

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.<\/p>\n

The four-year, floating-rate loan was sourced from the Real Estate group within Goldman Sachs Alternatives.<\/p>\n

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 \u2014 including ground-floor retail and multiple levels of parking \u2014 and incorporate more than 500,000 square feet. Nearly half of this new trophy Dallas office space<\/a> was pre-leased by the Bank of America at the time of the loan closing.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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\u2019s 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.<\/p>\n

According to our April 2024 national office report<\/a>, the 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Looking for office space for rent in Dallas, Fort Worth, or other hot markets? Select any of the locations linked below or visit the <\/em>CommercialCafe.com<\/em><\/a> homepage to start your search.<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Office space in Manhattan<\/a><\/td>Office space in Los Angeles<\/a><\/td>\n<\/tr>\n
Office space in Houston<\/a><\/td>Office space in Chicago<\/a><\/td>\n<\/tr>\n
Office space in Dallas<\/a><\/td>Office space in San Francisco<\/a><\/td>\n<\/tr>\n
Office space in Austin<\/a><\/td>Office space in Seattle<\/a><\/td>\n<\/tr>\n
Office space in Charlotte<\/a><\/td>Office space in Las Vegas<\/a><\/td>\n<\/tr>\n
Office space in Boston<\/a><\/td>Office space in Denver<\/a><\/td>\n<\/tr>\n
Office space in Atlanta<\/a><\/td>Office space in Washington, D.C.<\/a><\/td>\n<\/tr>\n
Office space in Miami<\/a><\/td>Office space in Brooklyn<\/a><\/td>\n<\/tr>\n
Office space in Irvine<\/a><\/td>Office space in Philadelphia<\/a><\/td>\n<\/tr>\n
Office space in Phoenix<\/a><\/td>Office space in San Diego<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

Pacific Elm Properties’ new trophy Dallas office tower in the Uptown submarket is half pre-leased by the Bank of America. <\/p>\n","protected":false},"author":48,"featured_media":38578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,39],"tags":[],"class_list":["post-38624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-office","wpautop"],"acf":[],"yoast_head":"\n| CommercialCafe<\/title>\n<meta name=\"description\" content=\"The Parkside Uptown office tower in 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