Franklin Street Inks Dallas Lease Renewal

June 25, 2025

Office Brokerage Dallas News More Southwest

The office building is part of an 80-acre master-planned community.

Exterior shot of Addison Circle One, a 293,787-square-foot office building in Addison, Texas, part of an 80-acre master-planned development that includes offices, retail spaces and residential buildings. — The 10-story Addison Circle One features a six-story parking garage. *Image courtesy of CommercialEdge*

Property management firm Asset Living has renewed its 13,168-square-foot lease at Addison Circle One, a 293,787-square-foot office building in Addison, Texas.

Partners Real Estate arranged the deal on behalf of the tenant, while Cushman & Wakefield, together with CBRE, represented landlord Franklin Street Properties in the transaction.

The property has been under FSP’s ownership since 2002, when the company acquired it from Champion Partners for $52.4 million, or approximately $178 per square foot, CommercialEdge information shows.

As of May, office listing rates in Dallas climbed to an average of $31.74 per square foot—below the national figure of $33.15—reflecting a 9.5 percent change year-over-year, according to the latest CommercialEdge report.

Vacancy rates in the metro rose to 23.5 percent, up 190 basis points over a 12-month period, placing Dallas among the markets with the highest vacancy rates, trailing San Francisco (29.0 percent), Austin (28.9 percent) and Seattle (27 percent), among others.

An office building at Addison Circle

Completed in 1998, the 10-story, LEED-Certified building features 31,000-square-foot floorplates, six passenger elevators and 1,225 car parking spaces. Amenities at the Class A mid-rise include a fitness center, conference center, on-site management and a six-story parking garage. The property is part of Addison Circle, an 80-acre master-planned development that includes office, retail and residential buildings.

Other tenants at Addison Circle One include CarOffer, Cyxtera, TenOaks Energy Advisors LLC, Allied World Assurance Co. and Mastek Inc., according to CommercialEdge.

Located at 15601 Dallas Parkway, the building is just off Dallas North Tollway, which connects the property to downtown Dallas, some 15 miles south. Addison Airport is less than 1 mile west.

Partners Dan Boyles, Jeremy Brubaker and Justin Utay with Partners’ Dallas office negotiated the lease renewal on behalf of the tenant. Cushman & Wakefield Executive Managing Director Chris Taylor, together with CBRE Executive Vice President Trey Smith represented the landlord.