{"id":1004725820,"date":"2024-08-20T04:30:50","date_gmt":"2024-08-20T12:30:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004725820"},"modified":"2024-12-17T23:29:55","modified_gmt":"2024-12-18T07:29:55","slug":"bank-of-america-renews-554-ksf-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bank-of-america-renews-554-ksf-lease\/","title":{"rendered":"Bank of America Renews 554 KSF Lease"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Hallmark-Center-I-e1724152191102.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"631\" height=\"473\" data-attachment-id=\"1004725823\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bank-of-america-renews-554-ksf-lease\/hallmark-center-i\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Hallmark-Center-I-e1724152191102.jpg\" data-orig-size=\"631,473\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hallmark Center I\" data-image-description=\"&lt;p&gt;Exterior shot of the Hallmark Center I in Addison, Texas.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Hallmark Center I consist of two office buildings that came online in 1977 and 1997. Image courtesy of Stream Realty Partners&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Hallmark-Center-I-e1724152191102.jpg?w=631\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Hallmark-Center-I-e1724152191102.jpg\" alt=\"Exterior shot of the Hallmark Center I in Addison, Texas.\" class=\"wp-image-1004725823\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Hallmark-Center-I-e1724152191102.jpg 631w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Hallmark-Center-I-e1724152191102.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 631px) 100vw, 631px\" \/><\/a><figcaption class=\"wp-element-caption\">Hallmark Center I encompasses two office buildings that came online in 1977 and 1997. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Bank of America has signed a 10-year, 553,799-square-foot lease renewal at Hallmark Center I in Addison, Texas, for the entire campus. JLL worked on behalf of the tenant, while Stream Realty Partners represented the landlord.<\/p>\n\n\n\n<p>Office Properties Income Trust is the owner of the asset, while The RMR Group is the property manager. The investment bank was the sole tenant of the campus after a sale-leaseback transaction back in 2013. The firm sold the asset for $105 million, according to CommercialEdge information.<\/p>\n\n\n\n<p>Hallmark Center I consists of two buildings, rising two and three stories, that came online in 1977 and 1997. The two-story property features three passenger elevators, about 750 parking spaces and floorplates averaging 140,000 square feet, while the other building has 90,000-square-foot floorplates and roughly 1,470 parking spots.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong>  <a href=\"https:\/\/www.commercialsearch.com\/news\/heres-a-surprising-shift-in-remote-works-appeal\/\">Here\u2019s a Surprising Shift in Remote Work\u2019s Appeal<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The 35-acre campus is at 16001 N. Dallas Parkway, close to Addison Airport and the city\u2019s downtown. Downtown Dallas is within 16 miles, while DFW International Airport is less than 20 miles away.<\/p>\n\n\n\n<p>Stream Managing Directors Rhett Miller and Matt Wieser represented the RMR Group in the deal. JLL Managing Directors Andy Leatherman and Bret Hefton worked on behalf of the tenant.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-larger-office-deals-are-still-happening\">Larger office deals are still happening<\/h2>\n\n\n\n<p>The current economic climate is still affecting the office sector. As of June, the Metroplex\u2019s vacancy rate stood at 21.8 percent, 430 basis points higher year-over-year and well above the 18.1 percent national average, according to a <a href=\"https:\/\/www.commercialsearch.com\/news\/office-loan-delinquencies-rise-as-market-shifts-in-2024\/\">CommercialEdge office report<\/a>. Additionally, the metro&#8217;s average listing rate as of the same month clocked in at $28.99 per square foot.<\/p>\n\n\n\n<p>However, office leases are still penciling out. In one of the most recent deals, <a href=\"https:\/\/www.commercialsearch.com\/news\/santander-renews-211-ksf-lease-in-downtown-dallas\/\">Santander Consumer USA renewed its lease<\/a> at 1601 Elm St. in Dallas. The firm will continue to occupy 211,087 square feet within the 50-story building.<\/p>\n\n\n\n<p>Other notable activity in the area included <a href=\"https:\/\/www.commercialsearch.com\/news\/big-sky-medical-stiches-up-dallas-lease-renewal\/\">Dallas Plastic Surgery Institute\u2019s renewal<\/a> at The Pyramids at Park Lane South in Dallas. The company will keep its 45,000-square-foot space at Big Sky Medical\u2019s campus.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company will occupy this Dallas-area campus for another 10 years.<\/p>\n","protected":false},"author":3355,"featured_media":1004725823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1586,21742,21747,51973],"tags":[33250,32796,33358,33461],"class_list":["post-1004725820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-dallas","category-latest","category-office","category-southwest","tag-bank-of-america","tag-jll","tag-stream-realty-partners","tag-the-rmr-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of America Renews 554 KSF Lease - 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