Piedmont Workplace Realty Belief has appointed Stream Realty Companions as unique leasing agent for The Connection, an workplace campus totaling 607,237 sq. toes in Irving, Texas. The Class A, three-building property is inside the Las Colinas submarket of Dallas-Fort Value.
Government Vice President & Companion J.J. Leonard, Senior Affiliate Patrick Cruz and Managing Director Doug Jones with Stream Realty Companions’ Dallas Workplace division will deal with leasing on the property.
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The Connection, previously generally known as Las Colinas Connection, contains the 231,681-square-foot constructing at 6031 Connection Drive, the 223,470-square-foot constructing at 6021 Connection Drive and the 152,086-square-foot constructing at 6011 Connection Drive.
The nine-, seven- and six-story properties characteristic floorplates between 27,464 sq. toes to 33,073 sq. toes, passenger elevators, on-site property administration and a complete of two,089 parking spots. Facilities at The Connection embrace a convention middle, a tenant lounge, outside patios, a health middle and a number of providers, corresponding to shuttle providers.
The present possession purchased the three buildings in a $124.8 million portfolio deal in 2022 from CarrAmerica Realty, based on CommercialEdge. Tenants at The Connection embrace Cardinal Monetary Co., Epsilon Information Administration and Gartner Inc., amongst others, the identical supply exhibits.
The roughly 20-acre workplace campus supplies quick access to the Dallas metro, being near Texas State Freeway 114 and 183, in addition to to interstates 635 and 35. Dallas Fort Value Worldwide Airport is inside 6 miles from The Connection, downtown Dallas is inside 15 miles and Fort Value, Texas, is inside 27 miles.
Excessive emptiness charges throughout Texas metros
The workplace sector continues to wrestle with excessive emptiness charges, a current CommercialEdge report exhibits. The nationwide workplace emptiness charge as of November reached 19.4 p.c, marking a 120-basis-point year-over-year enhance. The Metroplex had a 23.9 p.c emptiness charge, representing a 500-basis-point uptick whereas additionally being among the many highest within the South area. Houston had a barely greater charge at 24.2 p.c, whereas Austin, Texas, recorded a 27.7 p.c common emptiness and a 650-basis-point enhance—the best within the U.S.
Nevertheless, a number of vital workplace leases nonetheless closed in Dallas-Fort Value metro. A current deal is Advantage Power Co.’s 104,034-square-foot leasing settlement at Two Lincoln Centre. The tenant will relocate its headquarters on the 620,000-square-foot workplace constructing, owned by Nuveen Actual Property.
One other vital deal is Financial institution of America’s 553,799-square-foot renewal in Addison, Texas. The tenant signed a 10-year deal at Hallmark Heart I, with Stream Realty Companions representing landlord Workplace Properties Earnings Belief.
