Lincoln Harris CSG Healthcare Group, a division of Lincoln Property Co., has relocated its Dallas regional headquarters. According to Dallas Business Journal, the health-care real estate services firm leased 17,448 square feet at One Glen Lakes, a 168,953-square-foot office building.
The property is owned by ICM Asset Management. According to CommercialEdge data, ICM acquired the asset in 2020 and financed the purchase with a $21.6 million loan from Argentic.
READ ALSO: Dallas’ New Investment Hotspot
Built in 1981, the 10-story asset has 1,000 square feet of retail on the first floor and 500 parking spaces. According to CommercialEdge, the tenant roster includes Camelot Strategic Marketing and Media, DFS Advisors, Texas Health Resources, the AARP, The Lung Institute and Dallas Surgical Group, among others. Mark Dickenson of Lincoln Property Co. is the property’s leasing agent.
Located at 8140 Walnut Hill Lane on approximately 4 acres, One Glen Lakes is close to U.S. Route 75, roughly 3 miles south of Interstate 635 and within 10 miles of downtown Dallas offices. Lincoln Harris’ current base is 6688 N. Central Expressway, also know as Three Energy Square, within 3 miles of the new location. Three Energy Square is owned by USAA Real Estate.
The Metroplex’s office market remained fairly active last year, despite the headwinds brought by the pandemic-induced recession. The metro’s office-using employment sectors recorded a roughly 3.0 percent gain in 2020, while the national average fell by 3.4 percent, according to Bureau of Labor Statistics data.
However, the metro is facing new challenges as the state is still recovering from the recent winter storm, which is also reflected by physical office occupancy. While Dallas, Austin and Houston were national leaders coming out of the holiday season, the three Texas metros recorded extremely low physical office occupancy last week, as the state was facing its most extreme natural challenge since Hurricane Harvey in 2017. According to Kastle Systems data, Dallas’ office occupancy clocked in at 4.3 percent and Houston’s at 5.4 percent, while Austin’s offices sat more than 99 percent empty last week.