Bank of America Signs 248 KSF Dallas Lease
The company is relocating to a new tower as well as reducing its footprint in the city.
A joint venture between Pacific Elm Properties and KDC will soon break ground on Parkside, a 500,000-square-foot office project in uptown Dallas. Bank of America has signed a 238,000-square-foot lease at the upcoming property, downsizing its footprint in the metro. JLL represented the tenant in the transaction.
Bank of America will relocate from the 500,000 square feet it occupied at the 72-story Bank of America Plaza at 901 Main St. since the building’s delivery in 1985, according to The Dallas Morning News. Upon tenant move-in, the building will be known as Bank of America Tower at Parkside.
Demolition and site work will commence in October, with construction scheduled to begin by the end of the year. Completion is slated for the second half of 2027. Kohn Pedersen Fox is the architect in charge, with Corgan and OJB Landscape Architecture also involved in the project.
Located at the intersection of North Harwood Street and Woodall Rodgers Freeway, the site is adjacent to the Klyde Warren Park. It is also next to the St Paul at Woodall Rodgers transit station. Parcel operator Miyama USA Texas will maintain an interest in the land on which the tower will rise.
The high-rise will reach 30 stories and feature amenities such as private outdoor terraces on multiple levels, a tenant-only fitness center and a Sky Lobby and Lounge on the 12th floor. It will also include a conference center with training room, accommodating up to 50 people, as well as an 18-people executive board room.
JLL’s Managing Director Andy Leatherman represented Bank of America in the lease signing, while the landlord represented itself in-house by KDC Senior Vice President & Director of Leasing Aarica Mims, along with Pacific Elm Properties’ Chief Marketing Officer & EVP of Leasing Sara Terry.
Office development in the Dallas metro
As of August, the Dallas office market had 4.0 million square feet of space under construction, a recent CommercialEdge report shows. At that point, the metro’s vacancy rate stood at 18.5 percent, up 0.8 percent year-over-year, according to the same source.
Earlier this year, KDC broke ground on the 850,000-square-foot Wells Fargo office campus in the Dallas metro area. The $200 million project is scheduled for completion by the end of 2025.