Bank of America Renews 554 KSF Lease

Financial institution of America has signed a 10-year, 553,799-square-foot lease renewal at Hallmark Heart I in Addison, Texas, for your entire campus. JLL labored on behalf of the tenant, whereas Stream Realty Companions represented the owner, the RMR Group.

The funding financial institution was the only real tenant of the campus after a sale-leaseback transaction again in 2013. The agency offered the asset to the RMR Group for $105 million, based on CommercialEdge info.

Hallmark Heart I consists of two buildings, rising two and three tales, that got here on-line in 1977 and 1997. The 2-story property options three passenger elevators, about 750 parking areas and floorplates averaging 140,000 sq. toes, whereas the opposite constructing has 90,000-square-foot floorplates and roughly 1,470 parking spots.

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The 35-acre campus is at 16001 N. Dallas Parkway, near Addison Airport and the town’s downtown. Downtown Dallas is inside 16 miles, whereas DFW Worldwide Airport is lower than 20 miles away.

Stream Managing Administrators Rhett Miller and Matt Wieser represented the RMR Group within the deal. JLL Managing Administrators Andy Leatherman and Bret Hefton labored on behalf of the tenant.

Bigger workplace offers are nonetheless taking place

The present financial local weather continues to be affecting the workplace sector. As of June, the Metroplex’s emptiness price stood at 21.8 %, 430 foundation factors increased year-over-year and effectively above the 18.1 % nationwide common, based on a CommercialEdge workplace report. Moreover, the metro’s common itemizing price as of the identical month clocked in at $28.99 per sq. foot.

Nevertheless, workplace leases are nonetheless penciling out. In some of the current offers, Santander Client USA renewed its lease at 1601 Elm St. in Dallas. The agency will proceed to occupy 211,087 sq. toes inside the 50-story constructing.

Different notable exercise within the space included Dallas Plastic Surgical procedure Institute’s renewal at The Pyramids at Park Lane South in Dallas. The corporate will preserve its 45,000-square-foot area at Huge Sky Medical’s campus.