{"id":1004736652,"date":"2024-11-11T04:42:26","date_gmt":"2024-11-11T12:42:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004736652"},"modified":"2024-11-12T03:00:01","modified_gmt":"2024-11-12T11:00:01","slug":"law-firm-signs-50-ksf-lease-in-dallas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/law-firm-signs-50-ksf-lease-in-dallas\/","title":{"rendered":"Law Firm Signs 50 KSF Lease in Dallas"},"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\/11\/1845-Woodall-Rogers.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"632\" height=\"474\" data-attachment-id=\"1004736653\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/law-firm-signs-50-ksf-lease-in-dallas\/tabloid-title-block-2018\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1845-Woodall-Rogers.jpg\" data-orig-size=\"632,474\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Tom Holden&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Tabloid Title Block 2018&quot;,&quot;created_timestamp&quot;:&quot;1730823637&quot;,&quot;copyright&quot;:&quot;&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;Tabloid Title Block 2018&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Tabloid Title Block 2018\" data-image-description=\"&lt;p&gt;Exterior shot of 1845 Woodall Rogers in Dallas.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 17-story office building came online in 1984 and was completely renovated in 2014. Image courtesy of Woodbine Commercial&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1845-Woodall-Rogers.jpg?w=632\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1845-Woodall-Rogers.jpg\" alt=\"Exterior shot of 1845 Woodall Rogers in Dallas.\" class=\"wp-image-1004736653\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1845-Woodall-Rogers.jpg 632w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1845-Woodall-Rogers.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 632px) 100vw, 632px\" \/><\/a><figcaption class=\"wp-element-caption\">The 17-story 1845 Woodall Rodgers came online in 1984 and was completely renovated in 2014. <em>Image courtesy of Woodbine Commercial<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Law firm Gray Reed has signed a nearly 50,000-square-foot, long-term lease at 1845 Woodall Rodgers in Dallas. A joint venture between Woodbine Development Corp. and First United Bank owns the 147,000-square-foot office building.<\/p>\n\n\n\n<p>Woodbine Commercial arranged the deal on behalf of the ownership, while Newmark represented the tenant. <\/p>\n\n\n\n<p>Gray Reed will occupy more than two floors at the property and will begin construction on its new office next year. Upon build-out completion, about 150 employees will relocate to the Uptown building from Santander Tower, a 1.4 million-square-foot high-rise located at 1601 Elm St. in the city&#8217;s CBD.<\/p>\n\n\n\n<p>The firm will join tenants such as CornerStone Staffing, Inland Investment Group and Omniplan, according to CommercialEdge. The two owners also occupy a combined 40,000 square feet within the high-rise. After Gray Reed\u2019s agreement, the building reached a 95 percent level of occupancy.<\/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\/innovative-solutions-for-return-to-office-challenges\/\">Innovative Solutions for Return-to-Office Challenges<\/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 duo purchased the 17-story asset in March 2019 using funds from a $44.6 million acquisition and development loan originated by First United Bank, the same source shows. Karns Commercial Real Estate sold the property.<\/p>\n\n\n\n<p>Completed in 1984, the Class A building was renovated in 2014 and underwent cosmetic upgrades in 2021. The high-rise features four passenger elevators, floorplates averaging more than 18,000 square feet, some 440 parking spaces and a coffee bar.<\/p>\n\n\n\n<p>Located at 1845 Woodall Rodgers Freeway, the building is near downtown Dallas and close to several retail and dining options. The DFW International Airport is roughly 16 miles northwest.<\/p>\n\n\n\n<p>Woodbine Commercial Managing Partner Alexis Martinez oversaw leasing efforts on behalf of the ownership. Newmark Executive Managing Director John Beach and Associate John Magness represented Gray Reed in the deal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-vacancy-rate-up-in-dallas\">Office vacancy rate up in Dallas<\/h2>\n\n\n\n<p>Dallas\u2019 office vacancy rate at the end of September clocked in at 22.9 percent, 390 basis points higher year-over-year and well above the 19.5 percent national average, according to the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-office-report-october\/\">CommercialEdge office report<\/a>. However, the metro\u2019s listing rate during the same month reached $30.64, marking a 12.3 percent growth over a 12-month period.<\/p>\n\n\n\n<p>In August, <a href=\"https:\/\/www.commercialsearch.com\/news\/bank-of-america-renews-554-ksf-lease\/\">Bank of America renewed<\/a> its 553,799-square-foot leasing agreement for another 10 years at Hallmark Center I in Addison, Texas. The RMR Group is the owner of the two-building campus.<\/p>\n\n\n\n<p>A month earlier, <a href=\"https:\/\/www.commercialsearch.com\/news\/santander-renews-211-ksf-lease-in-downtown-dallas\/\">Santander signed<\/a> a 211,087-square-foot lease renewal at Santander Tower. Woods Capital subsidiary Pacific Elm Properties owns the mixed-use property that also features residential units and a 60-key hotel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tenant will occupy more than two floors at the building.<\/p>\n","protected":false},"author":3355,"featured_media":1004736653,"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":[52112,50999,34785],"class_list":["post-1004736652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-dallas","category-latest","category-office","category-southwest","tag-first-united-bank-and-trust-2","tag-newmark","tag-woodbine-development-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Law Firm Signs 50 KSF Lease in Dallas - 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