Bright Realty has signed Venture X to a full-floor lease at Offices at The Realm, a 235,000-square-foot office project at the company’s $1.5 billion The Realm at Castle Hills mixed-use development in Lewisville, Texas, roughly 25 miles outside Dallas. The lease will provide the coworking space operator with 30,000 square feet for the creation of a shared workspace community featuring a variety of work-style options.
Offices at the Realm is sprouting up at 4400 State Highway 121 as the first phase of the 324-acre The Realm. In addition to Class AA office accommodations, Offices at The Realm will feature approximately 16,000 square feet of ground-level retail space. The Wired Certified-building will also offer a host of amenities including a fitness facility, conference center and access to Crescent Park, an outdoor park and entertainment venue that constitutes the remainder of the initial phase of the lifestyle destination.
Venture X inked an 11-year lease at the Offices at the Realm, staking a claim to the entire third floor of the 9-story tower. “The coworking space is convenient for residents of Castle Hills along with next-door multi-family developments, Discovery at The Realm and Valor at The Realm and the condominium development, Sojourn Castle Hills,” Eric Stanley, president & COO of Bright Realty, told Commercial Property Executive. Dallas is the fourth-largest shared workspace market in the country, with over 2.2 million square feet of coworking space in 2018, per a Yardi Matrix report.
Bright Realty relied on Lincoln Property Co. for representation in the transaction, while Venture X retained the Cushman & Wakefield team of Sarah Savage, Ryan Hoopes and Tom Sutherland as a representative. The tenant expects to open its new location at Offices at The Realm in early 2020.
Suburban office takes center stage
Mixed-use developments such as The Realm are transforming the Dallas-Fort Worth suburbs and they account for the bulk of the metropolitan office development pipeline. Of the nearly 1.6 million square feet of office space under development in Dallas-Fort Worth in the second quarter of 2019, all but a mere 35,700 square feet was in the suburbs, according to a report by Cushman & Wakefield.
Bright Realty is optimistic about lease-up at Offices at The Realm. “We are touring quite a few potential tenants at the site—office and restaurant—and are in the process of signing those,” Stanley said. One future tenant that didn’t require the typical tour is Bright Realty—the company will relocate its headquarters to the building, along with all other divisions of Bright Industries, upon the project’s delivery. Offices at The Realm is on schedule to reach completion in October 2019.