DALLAS – (Realty News Report) – Gables Residential, a national multifamily firm, has signed a lease renewal at 3811 Turtle Creek for its Dallas regional office.
The building is a 300,961-SF Class A office property that is part of KBS’ client portfolio. KBS is one of the largest investors in commercial real estate in the nation.
Leasing activity has been sluggish across Texas – and elsewhere – as corporate tenants assess their strategies and office space needs during the pandemic.
“This renewal is an exciting benchmark in the Dallas office market. Relative to previous quarters, there have been fewer full-floor-sized leases executed in Uptown since the onset of COVID-19,” said Garrison Efird of NKF. “Many existing tenants in Dallas from nearly all service lines have been in a position where if their lease is not expiring in the near or immediate future, they’re holding out to see what the market does. This lease activity is a reflection of the market confidence of real estate decision makers in the DFW metro area.”
The Gables lease renewal is also indicative of office users’ strong appetite for well-amenitized office space located in the epicenter of key markets throughout the country, including the prestigious Turtle Creek submarket of Dallas, according to Brett Merz, Asset Manager for 3811 Turtle Creek and Senior Vice President for KBS.
“KBS has a long history of identifying and acquiring high-quality office properties in growth markets, like Dallas,” said Merz. “The signing of this sizable lease renewal transaction with Gables Residential demonstrates that forward-thinking tenants are still interested in occupying these properties and have a positive outlook on the market despite the pandemic.”
Newmark Knight Frank’s Garrison Efird, Jim Cooksey and Louis Pascuzzi represented Gables Residential; Scott Walker, Kim Brooks, and Justin Miller of Transwestern represented the Newport Beach-headquartered KBS.
Gables residential signed a 15,114-square-foot lease renewal at 3811 Turtle Creek.
Gables Residential – a privately held REIT based in Atlanta – specializes in the development, construction, ownership, acquisition, financing and management of multifamily and mixed-use communities. Gables owns and manages over 38,000 apartment units across the country.
Sept. 29, 2020 Realty News Report Copyright 2020
File: Gables Residential Leases Office Space for Regional Office
Caption: Gables Residential Leases Office Space for Regional Office at 3811 Turtle Creek in Dallas. Photo courtesy KBS.