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Real Estate Bisnow
   
January 3, 2013 
 
 
5 Game Changers

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We asked top Metroplex experts to talk about a few of the key deals and projects that defined last year. (No one even mentioned Johnny Manziel's Heisman as a highlight. Sorry, kid.)

 
1. State Farm 1M SF Lease
 
Tim Terrell
Stream Realty EVP and partner Tim Terrell calls the State Farm 1M SF lease in KDC’s newly announced $1.5B, 186-acre mixed-use site at the Bush Turnpike and US 75 a giant victory. Such multi-state competitions don't come easy. DFW will continue to shine in relo battles as companies take advantage of the state’s pro-business environment, affordable housing, abundant educated workforce, Central time zone, and so forth, he says. (When Jeopardy is on an hour earlier, everyone is one hour smarter.)
 
Bisnow (Sales) Jumbo
2. Village on the Parkway Redevelopment
 
Alan Shor and Steve Lieberman
Construction started on the largest retail property redevelopment in Dallas: Village On The Parkway. The Retail Connection and Lincoln Property are repurposing half of that 360k SF center at Belt Line and the North Dallas Tollway in Addison with new retailers including Whole Foods and AMC Theatres, says The Retail Connection prez Alan Shor. (Our idea for a magic store was once again overlooked in favor of "practical" retail options.) TRC CEO Steve Lieberman (right) says the DFW market leads the nation in retail real estate performance, which he believes will continue in 2013.
3. Klyde Warren Park Opening
 
Klyde Warren Park
The opening of the deck park over Woodall Rodgers (aka Klyde Warren Park) was the biggest event in the Metroplex, JLL managing director Carl Ewert and Stream Realty managing director Sarah Erickson agree. Years in the planning, the five-acre park was designed as an urban green space and central gathering area over the existing Woodall Rodgers Freeway between Pearl and St. Paul streets in Downtown Dallas. Carl says its ability to tie downtown, the Arts District, and the financial district to Uptown is significant to CRE because now his clients may be on either side of Woodall Rodgers.
4. Can We Build It?
 
Two Arts Plaza
Transwestern top dog Jack Eimer says the demand for new office space started materializing with about a half-dozen major projects announced (Billingsley’s Two Arts Plaza rendered), but all will require significant pre-leasing before construction, Jack tells us. “Dallas has never been a pre-leasing market,” he says. Lenders are requiring 40% to 50% of inked tenants before ground breaks. That alone has done in many projects, he says. There’s a need for new product in the Far North and Uptown markets; and as soft as the CBD is from a vacancy standpoint, there’s still demand there for new first-generation truly Class-A space, Jack says.
5. The Deals That Weren’t
 
Jack Eimer
Jack tells us the deals that stand out in his mind are the ones that haven’t occurred. While our job market performs better than other MSAs, it hasn’t resulted in the net absorption that everyone had hoped for. While firms are renewing leases or relocating to DFW, tenants continue to shrink operations even while expanding employee count, Jack says. This increased densification of tenant spaces is definitely having an impact on net absorption.

Crossing the Finish Line
 
Bob Aisner
We knew Behringer Harvard prez and CEO Bob Aisner was a smart man—he’s handing out water instead of running, at the Dallas Marathon (formerly known as the White Rock Marathon) last month. Behringer is in its seventh year as a Corporate Relay Challenge sponsor. Corporate relay teams (there were more than 215 this time) are made up of five-person relay teams that run a total of 26.2 miles. Winners in different categories share a $30k purse, which is donated directly to the Texas Scottish Rite Hospital for Children
 
Jeremy Curtiss
Behringer Harvard had 30 runners in the relay (including Jeremy Curtiss, pictured) and 40 volunteers at the event, many who worked at Behringer Harvard's water stop at mile four. (Thanks to Lee Dean for the pics.)
 
Robbie Baty
Here’s Cushman & Wakefield’s Robbie Baty after running in his first Dallas Marathon. With help from his C&W colleagues and friends, he raised more than $1,000 to donate to The Rise School of Dallas.

Upcoming Bisnow Events!
 
Thursday, Jan. 10, 7am-10am. Bisnow's Dallas Healthcare Real Estate Summit. Hear the experts discuss what is quickly becoming a healthcare facilities and medical office boomRegister here.

Wednesday, Jan. 30, 7:30am-10:30am. Bisnow's Dallas Hotel Investment Summit. Hear our all-star panel cover how deals are getting done and what the outlook is for financing and development. Register here.
 
Well the Sugar Bowl was not very sweet for the Florida Gators. What's your Friday pick? We're going with Johnny Football. tonie@bisnow.com
 
 
 
 
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KBS (ProvidenceTowers4)
 
Billingsly (Gramercy)
 
CapitalTitle (Comm) DFW
 
Addison (Climb3) DFW
 
NewAcre (300k) DFW
 
Reznick (CohnDebut) DFW
 
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