$290M construction financing secured for Dallas Class AA trophy office tower

Rhea-AI Summary

JLL Capital Markets secures $290M construction financing for Dallas Class AA office tower, with Bank of America pre-leasing 49% of the space.

JLL Capital Markets led the financing efforts for Parkside Uptown, which is nearly 50% pre-leased to Bank of America

DALLAS, April 16, 2024 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged a $290 million construction loan for Parkside Uptown, an approximately 500,000-square-foot, trophy Class AA office tower being built in Uptown Dallas.

JLL worked on behalf of the developer, Pacific Elm Properties, to secure the four-year, floating-rate loan from the Real Estate group within Goldman Sachs Alternatives.

Due for completion in 2027, Parkside Uptown will stand 30 stories tall and offer trophy office space and top-of-the-line amenities, including a sky lobby and lounge, outdoor tenant terraces, fitness facilities and ground-floor retail. Bank of America has pre-leased 49% of the space as of the time of loan closing.

According to JLL Research, highly amenitized buildings are expanding their outperformance against the broader market with certain amenities such as roof terraces or outdoor seating driving the most rent premiums.

Parkside Uptown is located at the corner of Harwood Street and Woodall Rogers Freeway in the heart of Uptown Dallas. The property is immediately adjacent to Klyde Warren Park, a 5.2-acre park that serves as a focal point of the city, connecting Uptown and Downtown Dallas, and is within walking distance of numerous restaurants and entertainment options.

The JLL Capital Markets Debt Advisory team was led by Executive Managing Director Trey Morsbach, Senior Managing Directors Jim Curtin and Michael Cosby and Managing Director Greg Napper.

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom.

About Pacific Elm Properties
Pacific Elm Properties owns, manages, leases, invests in, and develops dynamic, mixed-use properties in Dallas, Texas and Raleigh, North Carolina. With an uncompromising commitment to placemaking, Pacific Elm elevates existing and creates new upscale urban neighborhoods, including the Field Street District in Downtown Dallas, Ivy Park in the Knox District, Bank of America Tower at Parkside on Klyde Warren Park, and the new PNC Arena district in Raleigh. Pacific Elm Properties was formed and is managed by Woods Capital, which was founded by Jonas Woods in 2007. The Pacific Elm team has been an active participant in the real estate market as an investor, developer, and manager of real estate assets for over 30 years and has completed over $6 billion in real estate acquisition and/or development transactions including office, residential, industrial, retail and mixed-use properties.

About Real Estate at Goldman Sachs Alternatives
Goldman Sachs is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Established in 1991, Real Estate at Goldman Sachs Alternatives is one of the leading investors in real estate with over $60 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic and credit. The global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn.

About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 543 5873
Email: Kristen.Murphy@jll.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/290m-construction-financing-secured-for-dallas-class-aa-trophy-office-tower-302118434.html

SOURCE JLL

FAQ

What is the amount of construction financing secured by JLL for Parkside Uptown in Dallas?

JLL secured a $290 million construction loan for Parkside Uptown.

Who is the developer that JLL worked on behalf of to secure the construction loan?

JLL worked on behalf of Pacific Elm Properties, the developer of Parkside Uptown.

How much of the space at Parkside Uptown has Bank of America pre-leased?

Bank of America has pre-leased 49% of the space at Parkside Uptown.

When is Parkside Uptown expected to be completed?

Parkside Uptown is expected to be completed in 2027.

Where is Parkside Uptown located in Dallas?

Parkside Uptown is located at the corner of Harwood Street and Woodall Rogers Freeway in Uptown Dallas.