Frisco Station Tenants Eye Space Before Dirt Turns
Tenants requiring 50,000 square feet and larger are looking for space further in advance of lease expiration dates due to constrained supply of class-A inventory within the submarket.
FRISCO, TX—VanTrust Real Estate continues its expansion with the development of The Offices Three at Frisco Station, a 210,000-square-foot class-A speculative office building. The new building marks the third office building for the office district at Frisco Station, the 242-acre mixed-use project located at the northwest quadrant of the Dallas North Tollway and Warren Parkway.
“Frisco is the hottest market in North Texas and was America’s fastest-growing city in 2018,” said Bill Baumgardner, executive vice president, Dallas for VanTrust. “With the job growth and office demand in North Texas, the projections for leasing are excellent. Also, wellness and technology amenities in new, collaborative office spaces are key to companies’ talent acquisition and retention strategies, and this site will offer a premier environment for a healthy, smart and engaging work experience.”
Construction on the six-story mid-rise office tower in the North Platinum Corridor began in January and is slated for completion in 2021. The Offices Three at Frisco Station will be located at the southeast corner of Cowboys Way and Hickman Road.
The project is the third offering of a total of 5 million square feet of planned office space for Frisco Station, which will include 1.5 million square feet of mid-rise office space and 2 million square feet for campus-style offices. It is anticipated that nearly 15,000 people will have daytime employment at Frisco Station.
Future job growth in Frisco in the next 10 years is predicted to be 55.7%, much higher than the US average of 33.5%, according to Sperling’s BestPlaces.net. From November 2018 to November 2019, the DFW area added more than 120,000 jobs, topping any US metro area for employment growth.
The Offices One, which opened in December of 2017, is 98% leased. Tenants include Brierley+Partners, Fiserv, Equinix, Kimley Horn and Executive Workspace. The Offices Two shell building construction is almost complete and leasing is already at 35%, with Keurig Dr Pepper as the largest tenant.
“We anticipate that leasing volume will follow that of the other two buildings,” Chris McCluskey, vice president of development, Dallas for VanTrust, tells GlobeSt.com. “Frisco’s the hottest office market and one of the fastest growing cities in population in the region right now. We had prospects eyeing The Offices Three before we even broke ground.”
As with Offices Two, the design team for The Offices Three at Frisco Station includes HKS Inc., the project architect for the building; Manhattan Construction, the design-build contractor; and Kimley Horn and Associates, the civil engineer of record. The property will be marketed and leased by the Dallas/Fort Worth office of Cushman & Wakefield.
Building amenities will include structured parking, a fitness center, conference center and tenant lounge. The building, which has been designed with future-proofing in mind, will have an ample communications and power infrastructure that includes multiple fiber optic option providers.
“Tenants requiring 50,000 square feet and larger are looking for space further in advance of their current lease expiration dates due to constrained supply of class-A inventory within the submarket,” McCluskey tells GlobeSt.com. “And, the 5G connectivity throughout the development enables thousands of people to efficiently use multiple digital devices. The technology component of all the office buildings is key to our tenants’ ability to attract and retain top talent.”
In the category of technology, Frisco Station is also home to one of the world’s first Skyports to support flying taxis, and last year completed a pilot project to test autonomous vehicles within the development. Located along Frisco’s highly desired North Platinum Corridor, Frisco Station features fully amenitized office, residential and medical uses, along with a planned retail and restaurant district. The project is being developed by the Frisco Station Partnership, which is composed of The Rudman Partnership, Hillwood Properties and VanTrust Real Estate.
Frisco Station is adjacent to the Dallas Cowboys’ world headquarters and within walking distance to more than 50 retail, restaurant and entertainment options between The Hub at Frisco Station, the development’s planned entertainment district, and The Star. Station House, the first multifamily component to launch at the development, has 300 urban living units and is 95% leased. Construction was just completed on SkyHouse, a 25-story multifamily high-rise, followed by construction beginning on The Cadence at Frisco Station, a 322-unit multifamily community.
Upon completion, Frisco Station will have more than 2,400 residential options available for individuals who want to be near Frisco Station’s employment opportunities and regional employers, along with dining, entertainment and wellness amenities, and 32 acres of trails and park spaces.