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Gaedeke Group's Uptown Portfolio Targets Creative Design Upgrades in 2018
December 27, 2017Gaedeke Group LLC will enter 2018 bolstered by recent leasing activity at its three class A and AA high rises in Uptown/Turtle Creek, two of which are slated for extensive design and building amenity upgrades.
Gaedeke’s Uptown properties – One McKinney Plaza, 17Seventeen McKinney and Regency Plaza – have walk scores of 94, 93 and 92, respectively, a key consideration for office tenants in the hip urban submarket.
"We're seeing a lot of inbound relocations by technology, gaming, engineering and professional service firms to Uptown/Turtle Creek," says Elliot Prieur, senior vice president of leasing for the Dallas-based investment firm. He and agent Allison Johnston lease Gaedeke's properties in Dallas/Fort Worth and Arizona.
The breakdown of the recent leasing activity at Gaedeke's Uptown/Turtle Creek high rises is:
- One McKinney Plaza, 3232 McKinney Ave. – Native International Realty has leased 7,000 sf in the office tower's upper bank. The recently opened Sallio Itallio has backfilled 5,216 sf of upscale dining space vacated earlier this year. Duke Biggers of Swearingen Realty Group represented Native International, which will move in by month's end. John Evans and Emilie Gioia of the John T. Evans Co. brokered Sallio Itallio's flagship lease.
- 17Seventeen McKinney, 1717 McKinney Ave. – Management consultant Bain & Co. has expanded by 15,122 sf on the 16th floor for a new total of 53,527 sf. Charlie Morris of Avison Young represented the tenant. OmniSource United Inc. has leased 2,981 sf for its new U.S. headquarters. Brian Brooks with Foundry Commercial represented the tenant.
- Regency Plaza, 3710 Rawlins St. – Priority Management Services has leased 6,780 sf for a headquarters relocation in Q1 from Bossier City, LA. Kimberly Rote of Allie Beth Allman & Associates represented the tenant.
In 2018, Gaedeke is planning an extensive renovation of Regency Plaza, its LEED Silver headquarters building. The project’s entrance will be transformed into a glass box portal opening into a collaborative lobby space. The lobby’s sophisticated finishes will feature artistic acrylic walls, marble floors, Zen rooms and a tenant lounge and conference center. The class A project will also introduce redesigned elevator cabs that open onto refined common area floors, pseudo spec suites and white box spaces.
The 15-story One McKinney Plaza, also a LEED Silver, will soon have one of the largest contiguous blocks of class A office space available in Uptown – 106,633 sf on floors 9 to 14. The project is surrounded by numerous restaurants and amenities including Del Frisco's Grille, Sallio Itallio, Hopdoddy and Café Express within a short walk.
At 17Seventeen McKinney, Gaedeke is transforming the seventh floor amenity level into an open, creative lounge area overlooking the outdoor plaza. The conference center will be redesigned and feature state of the art technology. The 19-story LEED Gold project is 98% leased, which includes the Stephen Pyles' restaurant, Stampede 66.
"We think the Gaedeke high rises capture the three demographical characteristics of this submarket – hip/cool, pedestrian-friendly and class AA space," Johnston says.
Gaedeke's Energy Star-rated buildings are among the most recognizable in Uptown/Turtle Creek, with their occupancies several points above the 89.5% submarket average. The submarket is one of, if not the, most desirable office locations in the city, driving favorable negotiating conditions for landlords of high-quality projects. Trophy rents are up 8% and class A rents, 15%, since 2015. This year's class A absorption was two million sf at the end of Q3.
DALLAS/FORT WORTH LEASES
Bain & Co. has added 15,122 sf of office space for a total of 53,527 sf in 17Seventeen McKinney, 1717 McKinney Ave., Dallas. The landlord, Gaedeke Group LLC, was represented by in-house leasing team, Elliot Prieur and Allison Johnston. Charlie Morris of Avison Young represented the tenant.
Native International Realty has leased 7,000 sf of office space in One McKinney Plaza, 3232 McKinney Ave., Dallas. The landlord, Gaedeke Group LLC, was represented by in-house leasing team, Elliot Prieur and Allison Johnston. Duke Biggers of Swearingen Realty Group represented the tenant.
Priority Management Services has leased 6,780 sf of office space in Regency Plaza, 3710 Rawlins St., Dallas. The landlord, Gaedeke Group LLC, was represented by in-house leasing team, Elliot Prieur and Allison Johnston. Kimberly Rote of Allie Beth Allman & Associates represented the tenant.
Sallio Itallio has leased 5,216 sf of retail space in One McKinney Plaza, 3232 McKinney Ave., Dallas. The landlord, Gaedeke Group LLC, was represented by in-house leasing team, Elliot Prieur and Allison Johnston. John Evans and Emilie Gioia of the John T. Evans Co. represented the tenant.
Gaedeke Group, founded in 1995, is a full-service real estate firm that provides investment, acquisition, management, leasing, construction management and portfolio management services. Headquartered in Dallas, Gaedeke's current portfolio encompasses 3.4 million square feet of class A office properties in Arizona, Florida, Tennessee, Texas and Washington, D.C.
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