Real Estate News

This was a big week for Dallas-area real estate news

December 11, 2021
Jerry Schmidt

If holiday shopping or worrying about the omicron variant kept you distracted this week, you may not have noticed some of the biggest real estate stories in Dallas-Fort Worth.

Developers disclosed their plans for the $750 million Four Seasons Hotel and condominium tower on Dallas’ Turtle Creek.

Designed by award-winning architect Pelli Clarke Pelli, the more than 30-story high-rise will include a glass-lined circular entry court architect Fred Clarke describes as “one of the most spectacular, Instagrammable places anywhere in the world.”

The lecture hall in the new 19-story Granite Park Six office tower under construction on S.H. 121 in Plano.
The lecture hall in the new 19-story Granite Park Six office tower under construction on S.H. 121 in Plano.

Up in Plano, developers are dusting off the groundbreaking hard hats and gold shovels to start work on new office projects.

Granite Properties has broken ground on the tallest building yet in its 90-acre, more than 20-year-old Granite Park campus at the southeast corner of the Dallas North Tollway and State Highway 121.

The 19-story Granite Park Six office tower will contain 420,000 square feet of first-class office space and will be ready for occupancy in mid-2023.

The Legacy Union Two office building planned next to Plano's Shops at Legacy will be 13 stories and is planned by developers Cousins Properties and Lincoln Property Co.
The Legacy Union Two office building planned next to Plano’s Shops at Legacy will be 13 stories and is planned by developers Cousins Properties and Lincoln Property Co.

In nearby Legacy business park, Cousins Properties of Atlanta and Dallas’ Lincoln Property Co. are teaming up to build two office towers in their Legacy Union project near the northeast corner of the Dallas North Tollway and Legacy Drive.

The two 13-story buildings will contain about 650,000 square feet of offices and will join an existing building Cousins Properties has on the site.

“We have what is really the last building site in the Shops of Legacy area,” said Lincoln Properties’ Matt Craft.

Not all the office action is in the ‘burbs.

Galderma's U.S. headquarters is moving to the Trammell Crow Center on Ross Avenue in downtown Dallas.
Galderma’s U.S. headquarters is moving to the Trammell Crow Center on Ross Avenue in downtown Dallas.(Stream Realty Partners )

In downtown Dallas, the just-refurbished Trammell Crow Center office tower on Ross Avenue has landed a corporate move.

International dermatology company and skin care products firm Galderma is relocating its U.S. headquarters.

The consumer products and pharmaceutical firm best known for its Cetaphil brand now has its U.S. base in the AllianceTexas development in North Fort Worth.

But Galderma U.S. CEO Diane Gomez-Thinnes said the company wanted a more urban office setting for its 400 headquarters workers. “What better location than a downtown location that allows our people to be inspired by not just the building they are in but their surroundings,” Gomez-Thinnes said.

Vancouver-based City Office REIT Inc. paid $133.5 million — or $773 per square foot — for the Terraces office building in Preston Center. That s one of the highest prices ever paid for a Dallas office building.
Vancouver-based City Office REIT Inc. paid $133.5 million — or $773 per square foot — for the Terraces office building in Preston Center. That s one of the highest prices ever paid for a Dallas office building.

Finally, a just-completed office building sale in North Dallas rang the bell for record pricing.

Vancouver-based City Office REIT Inc. paid $133.5 million — or $773 per square foot — for the 12-story Terraces office building in Preston Center.

Less than a handful of Dallas-area office buildings have sold for more than $700 a foot.

“The fully leased building provides cash flow stability with future growth in the center of one of Texas’ wealthiest neighborhoods,” James Farrar, City Office REIT CEO, said in a statement.