Colliers' New Home
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|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.|
|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 â80s, real estate was broken, he says. âWe 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,â he says. Although loans are being extended or restructured, he notes, many troubled loans are still looming on the horizon.|
|Fortunately, Colliers is well capitalized and isn't struggling with equity lenders like some firms, says Mark. âWe 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,â 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.|