Construction Begins In Plano On Granite Park's Tallest Building Yet
Developers have broken ground on a new office building in Granite Park, a 90-acre mixed-use development off Highway 121 in Plano.
Granite Park Six, touted as the development's tallest and most heavily amenitized building to date, will add 420K SF of office space to the campus when it opens in mid-2023, according to a Dec. 8 news release.
Backers of the project said the property located at the southeast corner of State Highway 121 and the Dallas North Tollway, will offer an "experiential design" that includes outdoor green space and a sixth-floor amenity terrace with a fitness center, an indoor customer lounge and a golf simulator. The two-story lobby will offer a 400-seat lecture hall with theater-style seating, a coffee kiosk, a café and three conference rooms. The building will also incorporate wellness features such as clean air technology, Needlepoint Bipolar Ionization, touchless entries and restrooms, and smartphone-controlled elevators.
Plans for the 19-story luxury office tower were announced in September 2019, but construction was delayed with the onset of the coronavirus pandemic. Granite Park, a master-planned development by Granite Properties launched more than 20 years ago, includes roughly 3M SF of office space, shops and restaurants.
Stonebriar Commercial Finance, which is headquartered in Granite Park, signed the first lease in the Class-AA building for two floors totaling 52K SF, per the release.
“Far North Dallas continues to see some of the highest demand for office space across the Metroplex as net absorption was just over 400K SF last quarter," said Tyler Thomas, senior adviser for Citadel Partners, which represented Stonebriar in the deal, said in a statement. "Larger tenants are beginning to get back out in the market and make decisions with forward-thinking groups, such as Stonebriar, paving the way. We believe Granite Park Six will reap the benefits of the strong leasing demand and rent growth we are forecasting for 2022.”
This latest announcement is in line with evidence DFW’s office market is making a slow but steady comeback. Keyless entry company Kastle Systems estimates office occupancy in the Dallas metro was close to 52% the week ending Dec. 1, an increase of about 11% week-over-week.
According to the most recent office market report from CBRE, the Plano/Richardson submarket has 24.2M SF of office space available for rent. The office vacancy rate in Q3 landed at 22.7%.