Parkside Tower The 18-story378,088-square-foot Parkside Tower is located at 3500 MapleAve.

|

DALLAS—Illinois Teachers Retirement System acquired ParksideTower in March 2017 and the building had just undergone a $10million renovation at that time. The 18-story 378,088-square-footoffice property is located at 3500 Maple Ave. within walkingdistance of the Katy Trail.

|

Parkside Tower features a tenant lounge with open-air courtyardand Wi-Fi, a new on-site cafe, fitness center and conferencefacility. The owner has recently engaged Gensler architects torefresh Parkside's tenant lounge, fitness center and garage.Additionally, the office property will soon have one of the fewprime large blocks of space in the Uptown/Turtle Creek market whenHeritage Auctions vacates in early summer.

|

Lincoln Property Company recently completed approximately 32,000square feet of leases for the class-A property. The largest lease,Scottish Rite, renewed its lease for 21,358 square feet, whichfunctions as an overflow office from its main campus across thestreet. The tenant was represented by Joe Graham of GrahamInvestments. Lincoln Property Company was represented by ChrisAxley, Worthey Wiles and Jake Young.

|

"In just under six months, our team has executed 32,000 squarefeet of leases at Parkside Tower," said Axley, senior vicepresident of Lincoln Property Company. "Tenants really value theupgrades done to the project, and combined with Parkside'samenities and all that Uptown/Turtle Creek has to offer, this isreally a win-win for them."

|

Other Leases:

  • LiveNation leased 6,476 square feet and was represented byGraham and Tyler Howarth of Newmark Knight and Frank. LincolnProperty Company was represented by Axley, Wiles and Young.
  • GlassRatner leased 3,906 square feet and was represented byLayne Mayfield of CBRE. Lincoln Property Company was represented byAxley, Wiles and Young.

"What makes it appealing is the amenity-rich environment thathelps to attract and retain employees," Axley tellsGlobeSt.com.

|

The property has views of Uptown and the Central BusinessDistrict.

|

"I wasn't a partner when our lease was up for renewal five yearsago, but I heard through the grapevine that partners were veryupset when there was talk of moving downtown instead of Uptown,"says a law firm partner whose office is located in Uptown. "Parkingis cheaper and more abundant in Uptown, and it's not as crowded.It's easier to get around by car and has easier access to theTollway, 35 and 75."

|

The Dallas Fort Worth office market continued to record moderatemovement through the fourth quarter, according to a report byNewmark Knight Frank. Population and employment growth continued todrive demand for office space through last year. Vacancy ratesposted little fluctuation in 2019 and continue to remain around19%. Direct leasing accounted for most of the leasing activityduring the fourth quarter at approximately 2.6 million square feet.Sublease activity accounted for approximately 300,000 square feet,accounting for a small amount of the market's overall activity,says NKF.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.