CBRE Inks Deal for New Dallas HQ – What is a Ground Lease?

, CBRE Inks Deal for New Dallas HQ – What is a Ground Lease?, Robert Khodadadian

Park District, also known as the PwC Tower, will house CBRE’s global headquarters. Image courtesy of Yardi Matrix

CBRE Group has agreed a lease for a new global headquarters that will keep the real estate giant in Dallas.

The company will move its global headquarters from an office tower at 2100 McKinney Ave. to the Park District building in Uptown Dallas, according to a statement from CBRE. The firm’s new office will include two-and-a-half floors totaling approximately 67,000 square feet at the property, with a move-in date expected to be sometime in the second half of this year. The Park District space previously served as a coworking facility.

Also known as the PwC Tower, Park District is located at 2121 N. Pearl St., at the intersection of N. Pearl Street and Woodall Rodgers Freeway. The two-tower mixed-use property, which includes an office high-rise, residences and retail space, overlooks Klyde Warren Park. CBRE-owned Trammell Crow Co. developed and owns the project.

The building, which was constructed in 2018, was one of the top 10 LEED-certified buildings in Texas the following year. Prominent tenants at the site include white-shoe law firm Winston & Strawn. Park District is located near the site of KDC’s new Parkside Uptown project which, once constructed, will sit in Klyde Warren Park.

Employees at Trammell Crow, as well as those in CBRE’s local Dallas Advisory, will continue to work at the 2100 McKinney location.

MetLife has owned 2100 McKinney since 2004. The property’s tenants include asset manager Carlson Capital.

CBRE, which was based in Los Angeles before its 2020 move to Texas, had planned on moving its global headquarters and the bulk of its Dallas operations, including Trammell Crow, from 2100 McKinney to a new building at 2401 McKinney Ave.

Trammell Crow will develop 2401 McKinney at some point in the future, with the ultimate timing depending on office market conditions, CBRE said in the statement. The firm anticipates that it will move its global headquarters there at some yet unknown date, though development and construction are expected to take several years after the eventual ground-breaking.

CBRE is subject to a 2021 incentive agreement with the Texas state government and the city of Dallas, which requires the company maintain a headquarters in Uptown Dallas, though no exact location or address is specified. The incentives are also subject to certain job growth and related metrics, according to the statement.

The post CBRE Inks Deal for New Dallas HQ appeared first on Commercial Property Executive.

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