With an eye fixed towards future development and office pleasure, Texas Capital Financial institution has inked a lease enlargement that may enhance its Dallas headquarters at 2000 McKinney Ave. to a complete of 200,000 sq. ft.
The brand new settlement with Union Funding Actual Property GmbH, proprietor of the roughly 450,000-square-foot workplace tower, additionally requires the renaming of the constructing to Texas Capital Heart.
Sited within the middle of the coveted Uptown Dallas market, 2000 McKinney is a premier, LEED Gold-certified workplace vacation spot that includes a fascinating checklist of facilities that features a health facility, a café and a proper restaurant.
Texas Capital has been a fixture on 2000 McKinney’s tenant roster since relocating its headquarters to a 100,000-square-foot area in 2008, the identical yr the 21-story high-rise reached completion by the hands of developer Lincoln Property Co. The financial institution maintains its govt and administrative places of work on the property.
READ ALSO: What CRE Traders Ought to Count on: NAIOP Keynoter
Texas Capital relied on Stream Realty Companions’ Craig Wilson and Randy Cooper to orchestrate the brand new 15-year lease with Union Funding, which grew to become the owner of 2000 McKinney by way of the $226 million acquisition of the workplace asset in 2016. Below the phrases of the lease settlement, Texas Capital’s footprint will develop to incorporate a complete of seven flooring, two of which the financial institution presently occupies and can undergo a renovation. The remaining contiguous flooring will endure a buildout program resulting from get underway in early 2023, all with the objective of making a headquarters that may be a constructive atmosphere and conducive to collaboration.
Cushman & Wakefield represented the possession within the lease transaction. Building at Texas Capital’s new headquarters is scheduled to succeed in completion by the tip of 2024.
Conserving the workplace market afloat
The Dallas-Fort Price workplace market has not regained its pre-pandemic well being, however it’s transferring towards restoration, courtesy of the realm’s booming jobs market. “Driving the workplace sector, jobs in finance {and professional} and enterprise companies expanded by 154,000 because the finish of 2019—a rise of 14.5 p.c, which has fueled workplace leasing and building,” based on a 3rd quarter 2022 report by Avison Younger.
Dallas-Fort Price’s workplace market continues to learn from expansions, like Texas Capital’s, in addition to relocations. In June 2022, building and mining tools big Caterpillar Inc. introduced plans to maneuver its Chicago-area international headquarters to the suburban Dallas metropolis of Irving, Texas.
The forecast for the Dallas-Fort Price workplace market is constructive. As famous within the Avison Younger report, “The flight to high quality ought to proceed as buildings ship and tenants see a chance to draw groups again to the workplace with upgraded area.”
