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Colliers' New Home

Dallas-Ft. Worth

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Colliers' New Home
Granite Properties' 1717 McKinney in Uptown's Park Seventeen
Get the housewarming gifts ready. Colliers Dallas made a decision on relocation inking a 27k SF deal for the 9th floor of Granite Properties' 1717 McKinney in Uptown's Park Seventeen mixed-use project. (Move-in slated for September.) Downtown Dallas president John Crawford says the deal is part of  70k SF of space leased in the building and another example of the continuing momentum the city is experiencing this year. The entire project was designed by Good Fulton & Farrell and built by Austin Commercial. Colliers was repped by Colliers brokers Hunter Blanks and Charlie Morris. Jim Kirchhoff and Robert Jimenez represented Granite.
Colliers International's Dallas head honcho Mark Noble and Downtown Dallas, Inc. prez John Crawford
Prognosticators thought there'd be a flood of properties on the market by now, but what Colliers International's Dallas head honcho Mark Noble (here with John at the new digs) thinks is that the current debacle is more about capital markets than the properties. In the ‘80s, real estate was broken, he says. “We built considerably more product than needed. This time, there were  financing structures that did not allow for any variations in performance. Properties had to perform a certain way or they couldn't hang in there,” he says. Although loans are being extended or restructured, he notes, many troubled loans are still looming on the horizon.
 
Mark Noble and David Glasscock
Fortunately, Colliers is well capitalized and isn't struggling with equity lenders like some firms, says Mark.  â€œWe don't have lenders breathing down our necks, which enables us to be more flexible and able to grow. We've added national property management leadership and corporate solutions,” he tells us. One of the big bites on Colliers' plate currently is the listing of the vacant 1.3M SF Class B Elm Place at 1401 Elm, which we covered last month. (Mark's with David Glasscock, one of the brokers for the site.) At 52 stories, it has a relatively low asking price of $19M.