Hines Inks Major Dallas-Area Industrial Lease

Image by Marcin Jozwiak via Unsplash

A global construction industry services company has signed a long-term lease for 485,000 square feet at Hines’ upcoming industrial project in the Dallas area. Hilti will occupy distribution and office warehouse space across two buildings at Bison Grove Business Park, which recently kicked off construction.

The project is rising at Round Grove Road and Edmonds Lane on a 66-acre site in Lewisville that was purchased by Houston-based Hines. The global real estate firm is currently developing four buildings totaling 880,000 square feet of light industrial space at the site.

Hines filed plans to build the industrial park last fall. The development is valued at more than $32.5 million, according to the Dallas Morning News. Architecture firm Ware Malcomb was tapped to design the project, which is expected to be completed later this year.

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Hilti North America is headquartered at the Legacy Tower in nearby Plano, Texas. The company’s new space at Bison Grove Business Park will encompass 350,000 square feet of cross-dock space in Building 3 and 135,000 square feet at Building 4. Both buildings offer amenities including individual climate-controlled spaces, a business center, an on-site video studio, a fitness center and green space.

Hilti was represented in the deal by David Eseke and Trish Pappas of Cushman & Wakefield, while Hines was represented by Bob Hagewood and Jeremy Kelly of Stream Realty Partners.

The Dallas-Fort Worth industrial market posted a strong performance in 2021. According to data from Cushman & Wakefield, developers added 4 million square feet of new product to the market in the fourth quarter of 2021. The strong demand for space has led to new construction activity soaring, with 54.1 million square feet underway.