A joint venture of Westdale Real Estate Investment and Management, Ivanhoé Cambridge and Hines has secured a new tenant, the locally based advertising agency, TRG, for its Class A creative office building totaling 207,299 square feet in Dallas. The long-term lease brings The Stack at Deep Ellum to 100 percent occupancy.
JLL represented the tenant, while ALT+CO worked on behalf of the partnership. The tenant, formerly known as The Richards Group, will occupy a 101,808-square-foot space across multiple floors. TRG plans to finalize its headquarters relocation from 2801 NCX in Uptown Dallas by the first quarter of 2023.
The lease marks the second headquarters relocation within Dallas to The Stack at Deep Ellum. In November, Worldwide Express inked a 10-year lease occupying a 24,480-square-foot space within the 16-story complex, relocating from One Victory Park in Dallas’ Uptown Oak Lawn submarket.
The tenant roster at The Stack at Deep Ellum also includes one of its owners, Hines, and a life insurance company, Bestow.
An ode to Deep Ellum
The partnership broke ground on the mixed-use property in early 2020 with the help of a $64.6 million construction loan originated by Bank OZK, according to CommercialEdge data. The 5G Studio-designed mid-rise came online in May 2021 and reflects the Deep Ellum neighborhood’s status as an entertainment district through its collage-style mural by street artist Tristan Eaton as well as the display of selected local artwork throughout the building.
The office complex at 2700 Commerce St. features floorplates between 26,804 and 30,038 square feet along with a 14,662-square-foot retail space on the ground floor. The Stack at Deep Ellum includes an amenity terrace on the tenth floor, tenant balconies, a fitness facility, a board room and a lounge equipped with a coffee and cocktail bar and bicycle storage.
The creative office is WELL-certified and is also proposed for LEED Silver Core & Shell and Fitwell certifications.
While the year’s second month brought no variation to the national average office vacancy, plateauing at 15.7 percent, rates across the Dallas-Fort Worth metro continued a steady decline to 17.1 percent, according to CommercialEdge data. The decrease represents a 50-basis-point dip month-over-month and a 190-basis-point fall year-over-year.