DALLAS—As the Midtown area redevelopment takes shape, there are several demographic and infrastructure aspects that have moved the needle for this area, says Mike Kennedy, senior vice president, Avison Young/Dallas. The first is the influx of “urban living” multifamily projects that have tipped the scale toward a younger, highly educated workforce. Next are infrastructure components that have come together.
“Completion of LBJ Freeway turned this area from the forgotten dead spot between Dallas/Park Cities and Plano/Frisco into a highly accessible midpoint,” Kennedy tells GlobeSt.com. “Land in the area is affordable compared to Uptown and the Northern suburbs.” This provided validation for the LBJ at the Tollway area in the form of renewed corporate office development and large tenants after 10 years of being leapfrogged, he says.
“I would say that Midtown is similar in many ways to Deep Ellum, overlooked for years but now catching fire in the general updraft of Dallas area growth. Nearby new development like Bill Cawley's new headquarters for Occidental Petroleum Corp has set the stage for Midtown. The development of projects like the AC Marriott and Modera Apartments next to 5525 LBJ are just the beginning. It's gone from being in the middle of nowhere to the middle of everything,” Kennedy tells GlobeSt.com.
As for the six-story 5525 LBJ Building, after Republic Insurance moved out in March, corporate headquarters relocations are now possible there. The building accommodates tenants of up to 111,000 square feet, and for corporate tenants now clamoring to get in on the Midtown location, it is the only space of this size that is available, Kennedy says. Floorplates are 18,225 square feet and Avison Young is quoting a base rent of $21 plus electricity. 5525 LBJ has a connected garage that can be expanded and building/monument signage is available.
“The 5525 LBJ building was invisible to the real estate community for years, with many assuming that Republic owned the building,” Kennedy tells GlobeSt.com. “With Avison Young now representing this six-story 111,000-square-foot building with tremendous signage opportunities on LBJ Freeway, the inquiries that Dale Ray and I are fielding are numerous, from half floor to full-building prospects.”
Amenities include a fitness center, conference rooms, 24/7 secure key-card building access and a gated parking deck with covered walkway to building.
The building is located at one of Dallas' busiest intersections, LBJ Freeway/Interstate 635 and the Dallas North Tollway with ingress/egress via LBJ/North Dallas Tollway/Montfort and James Temple. It is a 15-minute drive to downtown Dallas, Love Airport and numerous destination points to the north with Legacy/Frisco. It is a 20-minute drive to DFW International Airport, Las Colinas and the connection to SH 121 and Interstate 35, in addition to 12 Fortune 500 companies, although many amenities are within walking distance. Numerous hotels are nearby as well.
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