{"id":1004659885,"date":"2023-05-01T14:28:33","date_gmt":"2023-05-01T22:28:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004659885"},"modified":"2023-05-01T14:28:35","modified_gmt":"2023-05-01T22:28:35","slug":"goldman-sachs-picks-hillwood-urban-to-develop-500m-dallas-hub","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-picks-hillwood-urban-to-develop-500m-dallas-hub\/","title":{"rendered":"Goldman Sachs Picks Hillwood Urban to Develop $500M Dallas Hub"},"content":{"rendered":"
\"\"

Goldman Sachs’ new Dallas office will be its largest outside New York City. Dallas skyline image by Art Wager\/iStockphoto.com<\/p><\/div>\n

Goldman Sachs<\/strong> has chosen Hillwood Urban<\/strong> as the developer of the financial services company\u2019s new $500 million, 800,000-square-foot regional hub in Dallas, the Dallas Business Journal<\/em> reported.<\/p>\n

Construction should be under way later this year, with employees moving in by 2027, Aasem Khalil, a partner at Goldman Sachs and head of the Dallas office, told the DBJ.<\/p>\n

The building, which reportedly has been scaled back by about 10 percent from the original plans for 900,000 square feet, will nonetheless be Goldman Sachs\u2019 largest office outside New York City, as well as one of the Dallas market’s largest office projects in decades.<\/p>\n

The 3-acre campus on North Field Street, which will also include an adjacent 1.5-acre park, is the first phase of NorthEnd, a 3.8 million-square-foot, 11-acre development planned by Hunt Realty Investments<\/strong>.<\/p>\n

The building\u2019s amenities will include a cafe and marketplace dining, conferencing and collaboration spaces, a fitness center and underground parking. The building is intended to achieve LEED and WELL Building Platinum certifications.<\/p>\n

Tapping into talent<\/h2>\n

Goldman Sachs will both create additional jobs at the new regional hub and consolidate current workers in North Texas, primarily employees at Trammell Crow Center, but also some from Goldman Sachs offices in Irving and Richardson.<\/p>\n

In early December, Goldman Sachs chairman and CEO David Solomon told the annual meeting of the Dallas Citizens Council that Dallas has become his company\u2019s \u201csecond most significant hub,\u201d the Dallas Morning News<\/em> reported. He added that the expansion is intended to tap into the North Texas talent pool, \u201chiring all sorts of people across all of our businesses.\u201d<\/p>\n

Neither Hillwood Urban, Goldman Sachs nor project architect Henning Larsen Architects<\/strong> responded to requests from Commercial Property Executive<\/em> for further comment.<\/p>\n

Less than two weeks ago, KDC broke ground<\/a> on an 850,000-square-foot office campus for Wells Fargo in Irving, Texas. That $200 million project is scheduled for completion by the end of 2025.<\/p>\n

Although office leasing in metro Dallas fell 27.1 percent year-over-year and year-to-date net absorption was a negative 587,000 square feet, Dallas leads the nation in job and population growth, so office tenant demand remains strong, according to a first-quarter report from JLL.<\/p>\n

The Dallas CBD has a 32.9 percent total office vacancy, on a 27.1 million-square-foot inventory, also per JLL.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 800,000-square-foot building will be the first phase of a 3.8 million-square foot development by Hunt Realty Investments. <\/p>\n","protected":false},"author":882,"featured_media":1004659940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,1586,21782,21747],"tags":[],"class_list":["post-1004659885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-dallas","category-development","category-office"],"acf":[],"yoast_head":"\nGoldman Sachs Picks Hillwood Urban to Develop $500M Dallas Hub - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-picks-hillwood-urban-to-develop-500m-dallas-hub\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs Picks Hillwood Urban to Develop $500M Dallas Hub\" \/>\n<meta property=\"og:description\" content=\"The 800,000-square-foot building will be the first phase of a 3.8 million-square foot development by Hunt Realty Investments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-picks-hillwood-urban-to-develop-500m-dallas-hub\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-01T22:28:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-01T22:28:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Dallas_Skyline_iStock-1286951857.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-picks-hillwood-urban-to-develop-500m-dallas-hub\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-picks-hillwood-urban-to-develop-500m-dallas-hub\/\",\"name\":\"Goldman Sachs Picks Hillwood Urban to Develop $500M Dallas Hub - 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