{"id":1004592692,"date":"2022-07-21T04:13:50","date_gmt":"2022-07-21T12:13:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004592692"},"modified":"2022-12-08T14:41:27","modified_gmt":"2022-12-08T22:41:27","slug":"highwoods-properties-enters-dfw-market-with-130m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-enters-dfw-market-with-130m-deal\/","title":{"rendered":"Highwoods Properties Enters DFW Market With $130M Deal"},"content":{"rendered":"\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"645\" height=\"1000\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004592696\" data-id=\"1004592696\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-All-images-courtesy-of-Granite-Properties.jpg?w=645\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-All-images-courtesy-of-Granite-Properties.jpg 645w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-All-images-courtesy-of-Granite-Properties.jpg?resize=194,300 194w\" sizes=\"(max-width: 645px) 100vw, 645px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">23Springs. All images courtesy of Granite Properties<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004592698\" data-id=\"1004592698\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Birds-Eye-View.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Birds-Eye-View.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Birds-Eye-View.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Birds-Eye-View.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Birds-Eye-View.jpg?resize=1024,683 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">23Springs Birds Eye View<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"675\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004592699\" data-id=\"1004592699\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Interior-Lobby.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Interior-Lobby.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Interior-Lobby.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Interior-Lobby.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-Interior-Lobby.jpg?resize=1024,576 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">23Springs Interior Lobby<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"777\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004592700\" data-id=\"1004592700\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-South-View.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-South-View.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-South-View.jpg?resize=300,194 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-South-View.jpg?resize=768,497 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/23Springs-South-View.jpg?resize=1024,663 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">23Springs South View<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"1000\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004592705\" data-id=\"1004592705\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six.jpg 750w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six.jpg?resize=225,300 225w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Granite Park Six<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"627\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004592706\" data-id=\"1004592706\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Terrace.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Terrace.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Terrace.jpg?resize=300,157 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Terrace.jpg?resize=768,401 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Terrace.jpg?resize=1024,535 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Granite Park Six Terrace<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"720\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004592707\" data-id=\"1004592707\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Auditorium.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Auditorium.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Auditorium.jpg?resize=300,180 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Auditorium.jpg?resize=768,461 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Auditorium.jpg?resize=1024,614 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Granite Park Six Auditorium<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"720\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004592708\" data-id=\"1004592708\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Lounge.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Lounge.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Lounge.jpg?resize=300,180 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Lounge.jpg?resize=768,461 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Granite-Park-Six-Lounge.jpg?resize=1024,614 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Granite Park Six Lounge<\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n<p><strong>Highwoods Properties Inc.<\/strong> has entered the Dallas-Fort Worth market by forming an approximately $130 million joint venture with <strong>Granite Properties <\/strong>to acquire a 50 percent interest in two of the developer\u2019s underway office projects.<\/p>\n<p>Through the recapitalization, Highwoods will become part owner of <a href=\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-tenant-for-dallas-project\/\">23Springs<\/a>, a 26-story tower totaling 642,000 square feet in Uptown Dallas, and of <a href=\"https:\/\/www.commercialsearch.com\/news\/dfw-tower-gets-underway-with-big-prelease\/\">Granite Park Six<\/a>, a multi-tenant, 422,000-square-foot office building taking shape within Granite Park, a 90-acre mixed-use development in Plano, Texas.<\/p>\n<p>The REIT plans to fund its <a href=\"https:\/\/www.commercialsearch.com\/news\/drawbridge-enters-dfw-with-office-buy\/\">entrance in the Metroplex<\/a> by divesting its Pittsburgh assets. The company\u2019s portfolio of nearly 2.2 million square feet was 92.9 percent leased at the end of the first quarter of 2022.<\/p>\n<h2>Two upcoming office buildings<\/h2>\n<p>Granite kicked off construction on 23Springs in June and expects to deliver the Class AA building in the first quarter of 2025. As for the tallest building in Granite Park, the developer broke ground on Granite Park Six last December, with anticipated completion in the last quarter of 2023.<\/p>\n<p>Designed by <strong>GFF Architects<\/strong> to achieve LEED Silver and Fitwel certifications, 23Springs is taking shape at 2323 Cedar Springs Road. Expected to be Uptown\u2019s largest office building upon completion, the high-rise will include 16,000 square feet of retail space and a 6.5-level garage structure with a parking ratio of 2.5 spaces per 1,000 square feet. The property is set to feature 26,000-square-foot floorplates, a two-story lobby with a coffee and wine bar, a 4,500-square-foot fitness center and an outdoor lounge with a conference area, among other amenities.<\/p>\n<p>Located at 5525 Granite Parkway, Granite Park Six also aims for both LEED and Fitwel ratings. The 19-story building will include 25,000-square-foot floorplates along with a lobby with a coffee bar, a 400-seat lecture hall, three conference rooms, an amenity terrace on the sixth floor, a fitness studio and a lounge.<\/p>\n<h2>Preleases in place<\/h2>\n<p>Both developments already benefit from preleasing contracts. In April, <strong>Bank OZK<\/strong> signed a 110,029-square-foot lease at 23Springs, intending to&nbsp;establish its new regional headquarters at the Uptown Dallas development.&nbsp;The lease only strengthened the relationship between the developer and the lender, as Bank OZK had provided a total of $445 million in construction financing for both projects in January and April, respectively.<\/p>\n<p>On the other hand, the Granite Park Six prelease of 52,000 square feet involved an expansion at the mixed-use property. <strong>Stonebriar Commercial Finance <\/strong>agreed to occupy two floors within the office tower designed by <strong>BOKA Powell<\/strong>. The privately owned commercial finance and leasing company already had its headquarters at Granite Park Three.<\/p>","protected":false},"excerpt":{"rendered":"<p>The REIT acquired a 50 percent interest in two developments.<\/p>\n","protected":false},"author":1763,"featured_media":1004592710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21808,21783,21742,21747],"tags":[41597,37128,34124,35877,34210,32779],"class_list":["post-1004592692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-featured","category-investment","category-latest","category-office","tag-bank-ozk","tag-fitwel","tag-gff-architects","tag-granite-properties","tag-highwoods-properties-inc","tag-leed"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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