Nearly two years after signing a lease to relocate its headquarters, SFMG Wealth Advisors is about to take the leap.
The company filed plans with the state to begin construction later this month on its 20K SF in Parkwood II, the second phase of a Plano office development by Cawley Partners. The space should be move-in-ready by October, around the same time that construction will wrap up on the building.
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“SFMG is growing, and we wanted to be sure we had space that our employees were excited about coming to,” SFMG CEO and Managing Director Kevin Margolis said in an email. “The building is very unique and has all the amenities. Our staff is most excited about the two patios, pickleball court and workout facility.”
The firm's 11K SF lease in the Legacy area of Plano is about to expire, which makes the timing ideal, Margolis said. The new office will initially house 40 employees, but Margolis said there is plenty of room for growth.
Cawley Partners broke ground in May on the 120K SF Parkwood II, just east of the Dallas North Tollway at Windhaven Parkway. The land is owned by the Haggard family and also includes the first Parkwood office, which is fully leased to First United Bank.
“SFMG is a perfect fit for the Parkwood building,” CEO Bill Cawley said in an email. “They are a quality firm moving into a quality building. They’ve been great to work with.”
A 32K SF, full-floor lease by First United plus the SFMG HQ puts Parkwood II at 45% pre-leased, Cawley Partners Vice President Kristi Waddell said. The firm plans to include six spec suites ranging from 2K SF to 11K SF, she added.
Office leasing activity started the year sluggishly, with just 2.6M SF signed in Q1, or 40% less than the long-term average, according to Avison Young. Available space, which includes vacant offices and those that will become vacant soon, was 29.5%, not far off the market’s all-time high.
Turmoil in the office market has prompted some developers to stray into more profitable areas. Cawley Partners, which has been building offices in DFW for more than 25 years, launched an industrial arm last year and is developing some multifamily.
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