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December 8, 2019
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TEXAS/SOUTHWEST NEWS
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Dallas Office Tower Gets Started with $108 Mil in Construction Money

7/22/19

A 12-story, 297k sf Class A office tower development in the Knox Henderson area of Dallas has gotten underway thanks to a $108.4 mil senior construction loan provided by PCCP LLC. The project, Weir’s Plaza, is being developed by a partnership between Ramrock Real Estate, Four Rivers Capital, Inverdale Strategic Fund, and the Weir family.

The tower will include 12k sf of ground floor retail, as well as six floors of subterranean parking with 792 spaces. Additionally, the Weir family will continue to operate its furniture store on a portion of the site totaling 28k sf.

Weir’s Plaza will feature 20’ ceiling heights on the ground floor retail and second floor and 15’ ceiling heights on all remaining floors. In addition to high-end finishes throughout the building, the on-site amenities available to the tenants will include a top-of-the-line fitness center, tenant lounge, and numerous outdoor terraces.

Situated on 1.24 acres at the corner of Knox St and Travis St, the site is well-located in a walkable area known for its boutique retail and upscale dining. The asset is proximate to both US-75 (0.3 miles east) and the Dallas North Tollway (2.2 miles west), providing accessibility from the high-income single family neighborhoods in the immediate surrounding area as well as residential communities throughout the Dallas metro.

We’re told the project already has leases in place with companies including Kirkland Ellis and WeWork accounting for approximately 60% of the office component. The ground floor retail will likely be divided into five separate storefronts offering a mix of luxury apparel and boutique food and beverage. Included in the available retail is the historic Highland Park Soda Fountain building which will be preserved.

The financing was arranged by Clint Coe and Tim Jordan of JLL. Construction is scheduled for completion in late 2021.

The 385.4 msf Dallas office market has been at its strongest in recent years, largely supported by nation-leading job growth and a high volume of corporate relocations and expansions in the metro. During 2018, Dallas/Fort Worth achieved the highest number of jobs added among all U.S. metros, and as of March 2019, the Dallas/Fort Worth region had the second highest number of jobs added year over year with 110,700 jobs, or 3 percent growth.






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