Granite Is Doing Something We Haven't Seen Since 1910
In an out-of-the-ordinary move for Granite Properties, the company plans to renovate a 1903-built project in the west end of Downtown into a hip creative office space close to residential. Speaking at Bisnow’s Dallas State of the Market event Wednesday at Banner Place, CIO Bill Brown gave details.
The creative workplace has been the spot with the most robust growth since the recovery started, he says. He says the floor plates in the building will be 25k to 30k SF and will have all new building systems. The appeal will be the authentic brick and timber construction that hasn’t been created since 1910. This is a product that’s in high demand in markets like Boston, LA and San Francisco, and Bill says people want to shrink the transition times between real life and work and be close to home. He says an announcement about the project should come soon.
Gaedeke Group president Glenn Lickstein (right, with members of the Gaedeke team) says the firm has a new 327k SF office project breaking ground in July at the southeast corner of Legacy and SH 121 in the Legacy West development. It should deliver in December 2016. As a long-term holder of projects, he says there’s a focus on renovating the '80s-built projects like the $6M rehab at One McKinney (with upscale dining like Patrizio’s, which moved with the rehab.) There is also a $4M lobby renovation at Oak Lawn Plaza. Gaedeke hosted the Bisnow event at one of its towers, Banner Place North (12770 Coit Rd) in a 16k SF white box space on the 10th floor that’s available. There’s also a 17k SF space, as well as several smaller spaces.
Billingsley partner Lucy Burns (left, with the panel and moderator, Mohr Partners CEO Bob Mohr, right) is seeing an appetite for suburban office space north of the President George Bush Turnpike. Many of the new occupants are getting priced out of Legacy. Billingsley will break ground on another project next month at Cypress Waters at LBJ and Belt Line. She’s been stunned by how quickly Cypress Waters is filling up with corporate names everyone knows. Between spec development and build-to-suits, there’s 1.5M SF done or in the works in the last 2.5 years there. It’s taken 15 years to do that same amount at International Business Park at Bush and the Tollway, she says.