Cawley Partners Debuts 2nd Phase of DFW Office Development – What is a Ground Lease?

 Dallas, Development, News, Office, Southwest, Cawley Partners 

Cawley Partners has broken ground on the second phase of The Parkwood office campus, a 120,000-square-foot Class A development in Plano, Texas. The Haggard family and First United Bank are also part of the project team, with Crawley Partners handling leasing activity for the upcoming property in house.

Set to rise at the intersection of SEC Windhaven & Dallas Parkways, this phase is slated to feature conference rooms, outdoor patios, a fitness center and a pickleball court. The development is expected to be completed by the end of next year.

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The first phase of The Parkwood was delivered in 2022 and encompasses 120,000 square feet. The building is fully occupied, while Phase II is already 43 percent preleased. The upcoming building will house SFMG Wealth Advisors’ headquarters.

An open courtyard is set to connect the two office structures at The Parkwood. Within a mile of the campus, there are more than 25 restaurants, eight hotels and six shopping centers.

Despite economic challenges arising toward the end of the year, the Dallas-Fort Worth office market exhibited strong performance in 2022, as reported by CommercialEdge. The metro area saw a 6.2 percent year-over-year growth in office-using jobs, the highest in the country. This surge in job opportunities continues to fuel commercial development in the metro area.

The post Cawley Partners Debuts 2nd Phase of DFW Office Development appeared first on Commercial Property Executive.

 Set to be completed by the end of 2024, the Class A project will add 120,000 square feet to the metro’s inventory.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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