DALLAS – (Realty News Report) – Gables Residential, a national multifamily firm, has renewed its lease at 3811 Turtle Creek to maintain its Dallas regional office.
The property is a 300,961-square-foot Class A office building that is part of KBS’s client portfolio. KBS is one of the nation’s largest investors in commercial real estate.
Leasing activity has been muted across Texas and elsewhere as corporate tenants reassess strategies and office space needs in response to the pandemic.
“This renewal represents an important milestone in the Dallas office market. Compared with earlier quarters, there have been fewer full-floor leases in Uptown since the start of COVID-19,” said Garrison Efird of Newmark Knight Frank. “Many tenants across service lines in Dallas have postponed decisions if their leases are not near expiration, waiting to see how the market evolves. This transaction reflects renewed confidence among real estate decision-makers in the DFW metro area.”
The Gables renewal also highlights strong demand among office users for well-amenitized space in central, high-profile submarkets, including the prestigious Turtle Creek submarket in Dallas, said Brett Merz, Asset Manager for 3811 Turtle Creek and Senior Vice President at KBS.
“KBS has a long track record of identifying and acquiring high-quality office properties in growth markets such as Dallas,” Merz said. “This significant lease renewal with Gables Residential shows that forward-looking tenants remain interested in occupying these assets and have a positive market outlook 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 KBS, which is headquartered in Newport Beach.
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 more than 38,000 apartment units nationwide.
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.
