Granite Resumes Work on 153,725-SF Office

The stored building materials have brought a modest windfall savings to the developer, who is investing about $150 per sf to build the 153,725-sf class A office structure fronting President George Bush Tollway. "At the end of the day, the cost of the materials is 5% to 10% more today than had we not started," Greg Fuller, COO for the Dallas-based Granite, tells GlobeSt.com.

In November 2000, Granite started work on two buildings at 1301 President George Bush Tollway, calling a halt to the second structure in May 2001. "It was due to the economy tanking. It proved out to be the right decision," Fuller says.

Not only is Granite 190's first building with 153,714 sf now pushing 80% occupancy, but the developer has picked up additional upside by waiting to restart the project. "Amenities in that area have been built that weren't there five years ago," Fuller says, specifically the bustling research campuses for Texas Instruments and the University of Texas at Dallas. The first building launched with the now-defunct White Rock Networks Inc. as the lead tenant in roughly 150,000 sf. Granite's team has managed to backfill at least 50% of the firm's former headquarters space.

Fuller says there are several prospects in the 10,000-sf to 40,000-sf weight range eyeing the new building. But, he says he also realizes that there aren't too many 150,000-sf blocks in the neighborhood. "It's not that we're elephant hunting, but there aren't any blocks available like this," he says.

Granite's second building will be ready to occupy in first quarter 2008. Dallas-based Omniplan's three-story design has 50,000-sf floor plates and a class A lobby connecting the first floor's 25,000-sf pods. Granite leasing manager Mark Harrison is marketing the space for $22.75 per sf plus electricity. Minneapolis-based Adolfson & Peterson Inc.'s local team is the general contractor.