Here are the Biggest Office Leases in Dallas-Fort Worth This Year

When it comes to Dallas office leases, everyone’s talking about Uptown.

The future headquarters of Y’all Street — Texas’ answer to Wall Street — has become the hottest spot to plant an office.

The next decade will bring Bank of America, Goldman Sachs and professional services firm Deloitte to the neighborhood just north of downtown Dallas, punctuating the decade-long exodus of businesses from dingy downtown offices to flashy new buildings in Uptown.

But the flight-to-quality office market trend leaves a lot of real estate behind.

As a result, office vacancy in DFW is still rising. Midway through the year, the vacancy rate was 25.6 percent, up from 24.7 percent last year, according to a report from Partners Real Estate. The market’s average asking rent is $30.10, up from $29.92 last year.

Here are the biggest office leases of the year, using data from Newmark and Cushman & Wakefield.

Bank of America | 16001 North Dallas Parkway in Addison | 554,000 square feet

Bank of America plans to move to Parkside Uptown once it’s delivered, but the bank still has a few years to go before the big move. In the biggest office lease of the year, Bank of America renewed its full-building, 550,000-square-foot lease at Hallmark Center for another 10 years.

The bank’s landlord is Massachusetts-based RMR Group, which has owned the building since 2013, acquiring it in a sale-leaseback.

Bank of America will take about half of Parkside Uptown, a 500,000-square-foot project from Dallas-based firms KDC and Pacific Elm Properties. It’s expected to be completed in 2027. It will still have operations at Hallmark Center after its move to Parkside Uptown, which is being built along Klyde Warren Park. The move means the bank will exit its namesake downtown tower at 901 Main Street.

Aimbridge Hospitality | 5301 Headquarters Drive in Plano | 249,000 square feet

Even the promise of Y’all Street can’t dim the lights in Plano, which remains a popular destination for DFW offices. Ambridge Hospitality renewed its lease to occupy the full building at 5301 Headquarters Drive.

In its first foray into North Texas, San Francisco-based investment firm Drawbridge Realty bought the five-story building in June 2022

Amazon | 13455 Noel Road in Dallas | 242,000 square feet

Amazon once again expanded its lease at Two Galleria Tower, the office it’s occupied for more than a decade. The e-commerce behemoth started with 88,000 square feet in 2014, and increased it by 20,000 square feet in 2020. It’s now leasing more than half the 454,000-square-foot building.

The expansion provided a boost to the North Dallas office market, which has been struggling with shifting workplace trends in the wake of the pandemic. The building was purchased by Atlanta-based Piedmont Realty Trust in 2020.

Undisclosed tenant | 4401 Cirrus Way in Frisco | 241,000 square feet

Crow Holdings Development’s delivery of The Offices at Southstone Yards in Frisco was big news for timber. The development is Texas’ largest mass timber office project, Bisnow reported; the material has a smaller carbon footprint but has historically been reserved for smaller projects.

An undisclosed tenant inked a deal to lease 241,000 square feet at the first phase of the project.

Santander Consumer USA | 1601 Elm Street in Dallas | 211,000 square feet

In an increasingly rare feat for the downtown Dallas office market, Santander Consumer USA inked a deal to remain at 1601 Elm Street, keeping its naming rights of the building, the Dallas Morning News reported.

The auto lender leased 211,000 square feet of the Pacific Elm Properties-owned building, which rises 50 stories. It was one of the first buildings in Dallas to be converted from office to mixed-use. It also houses a hotel and condo units.

Sidley Austin | 2323 Cedar Springs Road in Dallas | 118,000 square feet

23Springs is another touchpoint in the Y’all Street office boom. The project, a venture of Plano-based Granite Properties and North Carolina-based Highwoods Properties, is already more than half pre-leased.

Sidley Austin is ditching its space at McKinney & Olive, another Uptown office property, for 23Springs. It will take 118,000 square feet at the 625,000-square-foot building.

Wingstop | 2801 North Central Expressway in Dallas | 112,000 square feet

The chicken-wing chain also relocated to Uptown. Wingstop signed a lease to occupy 112,000 square feet at One West Village, leaving a 78,000-square-foot space in Addison. The chain is expanding its footprint to keep up with its rapid growth. Wingstop opened more than 100 new restaurants in the third quarter.

The building is owned by Dallas-based firms OliveMill Holdings and Hunt Realty and New York-based TPG Angelo Gordon. They purchased the property in 2022.

Deloitte | 2323 Cedar Springs Road in Dallas | 105,000 square feet

In another instance of the exodus from downtown to Uptown, Deloitte will take 105,000 square feet at 23Springs, which is also the future home of Sidley Austin. Deloitte is relocating from the former Chase Tower at 2200 Ross Avenue.

Hilton World | 15305 North Dallas Parkway in Addison | 103,000 square feet

The hospitality giant renewed its lease at the Colonnade in Addison, taking 103,000 square feet. Its landlord is Fortis Property Group.

The office complex never really recovered from the pandemic, which saw its occupancy drop from 97 to 74 percent, the Dallas Business Journal reported in January. As a result, it’s been struggling with distress. Fitch Ratings reported it was the fourth-largest CMBS delinquency during the month of May.

ON Semiconductor | 505 Millennium Drive in Allen | 97,000 square feet

The semiconductor industry is booming in North Texas — to the extent that Onsemi decided to open a second office, Traded reported. The firm signed a deal to occupy the full building at 505 Millennium Drive in Allen, which spans 97,000 square feet. Onsemi plans to spend $28 million upgrading the property.

The landlord is Austin-based Capital Commercial Investments. The property was built in 1999.

Jones Day | 2727 North Harwood Street in Dallas | 73,000 square feet

Jones Day is upgrading its Harwood home. The international law firm is moving to Harwood International’s Harwood No. 15, where it will take up 73,000 square feet. The future office property will span 340,000 square feet and rise 23 stories. But, in the meantime, it renewed its lease at Harwood No. 3.