The Quad is scheduled for delivery in March 2024. Image courtesy of Stream Realty Partners
Stream Realty Partners has secured a 52,000-square-foot lease at The Quad, a 12-story office development in Dallas, from Portland, Ore.-based M Financial Group. The tenant was represented by Cushman & Wakefield, while the owner was represented in-house.
The Quad will encompass 345,425 square feet of office space, featuring 31,800-square-foot floorplates, along with 18,500 square feet of retail space. The property is subject to a $181 million construction loan from MSD Capital, originated in 2022, according to CommercialEdge data. Completion for the building is scheduled for March 2024.
Other tenants at the property include Revantage, a Blackstone company which leased 32,000 square feet, and Chicago Title, which committed to 21,000 square feet. On the retail side, Two Hands was the first tenant to join the roster.
The project is located at 2699 Howell St. in Uptown Dallas, between Interstate 35 and Highway 75. M Financial President & CEO Russell Bundschuh stated in prepared remarks that the building’s proximity to other financial sector firms was one of the main factors in selecting the location. This is the company’s first office outside of Portland since its incorporation in 1978.
Dallas leads in office-using employment growth
Cushman & Wakefield Executive Directors Dean Collins and Mark Collins, along with Executive Managing Director Doug Deurwaarder brokered the agreement on behalf of the tenant. Stream was represented in-house by Senior Vice President Ryan Evanich and Vice President Marissa Parkin.
As of August, Dallas recorded a $27.39 average listing rate, representing a 5.6 percent year-over-year drop, and an 18.5 percent vacancy rate, 100 basis points above the national figure, a recent CommercialEdge report shows. However, the metro led the nation in office-using employment growth, registering a 4.9 percent year-over-year increase as of July, according to the Bureau of Labor Statistics. Dallas added 60,000 office jobs in the 12 months ending in July, accounting for 15 percent of all office jobs in the nation during that period.
