A Class-A office building in north Dallas is now 85% leased following the addition of three new leases.
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International Plaza 2, 14221 North Dallas Parkway, is a 15-story property with more than 388K SF. The new leases comprise close to 174K SF, according to a release from Cushman & Wakefield.
Among the new tenants are Interstate Batteries, which signed a lease of more than 77K SF; IMA Financial, which will occupy close to 31K SF; and an undisclosed, 80-year-old company that signed a lease for nearly 66K SF.
The property was recently renovated, which was a big draw for IMA Financial Group due to the region’s highly competitive hiring market, DFW Market President Rob Broz said. The updated space will help the company to attract and retain employees, he added.
More than 15.6K SF remains for lease at International Plaza 2, which was built in 2002, according to Cushman & Wakefield’s website. Rental rates are $32 per SF, per the site.
Cushman & Wakefield’s Chris Taylor, Matt Schendle and Carrie Halbrooks represented the landlord, Taconic Capital Advisors, in the lease negotiations.
This latest announcement from Cushman & Wakefield is in line with predictions that DFW’s office market is making a slow but steady comeback. According to the latest report from CBRE, there have been setbacks in net absorption and a trend of upward vacancies. However, an expected increase in supply, stable rents and an increase in demand suggests that the market should experience growth in the next 12 months, per the report.
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