Monday, May 22, 2017

Industry group bringing its U.S. headquarters to $200M Fort Worth Stockyards redevelopment

The redevelopment of the Fort Worth Stockyards is gaining some national attention, with the American Paint Horse Association bringing its U.S. headquarters to the Stockyards' historic horse and mule barns.

The Fort Worth-based industry group is the first tenant to sign a deal within the Stockyards historic district, which is undergoing a multimillion-dollar redevelopment.
The American Paint Horse Association plans to move its 45-person staff from its building off Meacham Road in Fort Worth into a new build-to-suit office totaling 11,252 square feet within the 105-year-old horse and mule barns, which are part of the contributing architecture to the Fort Worth Stockyards Historic District.

The association plans to move into the buildings on East Exchange Avenue, which flanks Mule Alley, upon completion of the $50 million redo of the barns by the end of 2018.

The adaptive reuse of the seven horse and mule barns are part of a larger $200 million redevelopment of the Fort Worth Stockyards.

The massive overhaul drew the American Paint Horse Association to the site, said Billy Smith, executive director of the American Paint Horse Association.
Smith said the group wanted to take part in the redevelopment of Fort Worth's "jewel," and believes the location will foster new member interest.

Colt Power of NAI Robert Lynn's industrial division represented the American Paint Horse Association in the real estate deal.

The new corporate office will have private offices, open work stations, a conference room and telephone rooms with a rustic design, with reclaimed wood and concrete floors.

High-tech recruiting firm to employ up to 300 with new U.S. office in downtown Dallas

United Kingdom-based high-tech recruiting firm Frank Recruitment Group plans to open its next U.S. office in downtown Dallas, with plans to employ up to 300 workers in the next few years.

The firm, which is backed by Fort Worth-based TPG, has leased 12,000 square feet on the 24th floor in Ross Tower, with plans to initially employ 150 workers, with plans to scale up to 300 employees with additional real estate in the next few years.
The decision to place the office in Dallas comes after Frank Recruitment Group and its real estate team search major markets throughout the United States.

The tech recruitment and staffing firm — which focuses on enterprise software — plans for this to be the company's "most productive," office, said Paden Simmons, vice president of North Texas operations.

“We have big aspirations here in Dallas; our ultimate goal is to become the world’s largest global niche technology staffing firm,” Simmons said, in a statement.
Robbie Baty and Travis Boothe of Cushman & Wakefield's Dallas office represented Frank Recruitment Group in its real estate search. Seth Hecht of Cushman & Wakefield's New York team also worked on the deal.

Hunter Lee of HPI Real Estate represented the landlord, which is a partnership between Austin-based HPI Real Estate, Bandera Ventures of Dallas and Second City Real Estate of Vancouver.

"Frank Recruitment Group was looking to establish a foothold in the South and, after considering multiple cities, Dallas was the clear winner," said Baty, senior director at Cushman & Wakefield, in a statement.

The landlord is nearing completion on a multimillion-dollar renovation to the building, which is bringing a canopied drive court and place, corporate living room and new board room to the 45-floor skyscraper.

Sunday, May 21, 2017

The Dallas Cowboys continue to make The Star brighter in Frisco (Video)

The Cowboys recently opened its new three-story, 60,000-square-foot health and fitness center, Cowboys Fit, in a partnership with Mark Mastrov, the chairman of New Evolution Ventures and founder of 24 Hour Fitness.
This is the latest evolution of a long-term development plan at The Star, said Jerry Jones Jr., executive vice president and chief sales and marketing officer for the Dallas Cowboys.

"We want to make sure everything is done just right," Jones told media on a tour Thursday. "As you can imagine, with Charlotte and her team, we want it to look and feel and have the experience we want our fans to enjoy."

Cowboys Fit was a big part of that experience, he said. The fitness center has boutique-style classes in three separate studios, including an indoor-outdoor spin studio.

The health club also has a health and nutrition bar, recovery room with cryotherapy and hydromassage, as well as a 40-yard indoor fitness turf.
Maestro said he and the Cowboys wanted to create an unmatched fitness experience that is reflective of the Cowboys brand.

The Cowboys wanted to create not just a great place for its players at The Star, but a welcoming place for the community and fans, Jones said.

"We wanted to build an entertainment district, but we also knew this was where the Cowboys would train prepare and train to hopefully become world champions," he added. "The tie in with health and wellness, nutrition and sports performance was very paramount."

Charlotte Jones Anderson said Cowboys Fit plays a part in the lifestyle campus at The Star in Frisco.

Wednesday, May 17, 2017

Dallas developer sells Houston's historic Petroleum Building to high-end hotelier

A Dallas-based development group sold the historic 21-story Petroleum Building, which is now called the Great Southwest Building, in downtown Houston to Choice Hotels International Inc. (NYSE: CHH) for a high-end hotel concept.

The acquisition is part of a larger expansion plan that Choice Hotels has embarked on to bring another 10 Cambria-branded hotels to the Lone Star state — in downtown Dallas at Tower Petroleum, downtown Houston in the former Petroleum Building, Richardson, near the Houston airport, downtown Austin on Rainey Street, San Antonio, The Woodlands, Midland, Waco and Galveston.

So far, Choice Hotels has invested $450 million into expanding the high-end brand in Texas and the rest of the country.

The hotelier's plans in Houston to redevelop the Art Deco skyscraper, which was built in 1927, at 1314 Texas St. come on the heels of Choice Hotel executives partnering with Dallas developer John Kirtland.

Choice Hotels plans on opening its new Cambria-branded hotel in the historic Tower Petroleum building in Dallas by this December. The hotel will be named Cambria Tower Petroleum Dallas.

"Based on the experience we have had in Dallas, we wanted to also develop the downtown Houston Petroleum Building — they are sister properties," Janis Cannon, senior vice president of upscale brands at Choice Hotels, told the Dallas Business Journal.

"The two buildings both have the same Art Deco design and are named the same," Cannon said. "We are really excited about these projects. They both embody what Cambria offers, which is an authentic experience."

Executives at Choice Hotels were attracted to downtown Dallas' growing residential demographic and the growing amenity-rich environment of the city's central business district.

In 2015, Dallas-based Todd Interests acquired the Petroleum Building in downtown Houston through a limited liability company, 1314 GSW Investors LP.
At the time, developer Shawn Todd, managing partner and CEO of Todd Interests, had intended to redevelop the historic office tower into a luxury apartment tower.

Todd's limited liability company sold the historic Art Deco office tower in February 2016 to CS HPB LLC, a limited liability company affiliated with Rockville, Maryland-based Choice Hotels International, according to Harris County deed records.

Candace Carlisle/Dallas Business Journal.

U.S. Bancorp picks Dallas-based developer for new $250M data center project

A Dallas-based data center developer and operator — Stream Data Centers — was picked by Minneapolis-based U.S. Bancorp (NYSE: USB) to build a new $250 million data center in Minnesota.

The single-story, 56,000-square-foot data center is under construction and will bring redundant utility power from two separate substations into the two data halls in the Minneapolis metro area.

Construction on the out-of-state facility is slated for completion by the end of the year.

Stream Data Centers is in the midst of building a ground-up 145,000-square-foot data center on 16 acres within Plano's Legacy Business Park, with completion slated for this October.

The Dallas-based developer is building data center projects throughout the United States.

See Full Article Here

Candace Carlisle/Dallas Business Journal.

Tuesday, May 16, 2017

CEOs love Texas: State retains top spot in ranking of best places for business

Texas has built up quite a reputation with CEOs around the nation who have ranked it the No. 1 state for business in Chief Executive magazine’s latest annual list of the Best & Worst States for Business.

It is the 13th consecutive year that Texas has secured the top honor. The new survey also ranks states in various individual categories, and Texas performed well in several. Texas took the top spot in five categories: technology, retail, energy, manufacturing and financial services. It ranked No. 2, trailing only Florida, in both health care and pharmaceuticals/medical products.
The Lone Star State ranked fourth, fifth and 13th in the categories of workforce quality, taxes and regulation, and living environment, respectively.

The rankings were based on chief executives' perceptions of states' business climates and took into account several key measures

Here are the top 10 best states, according to the Chief Executive survey:
  1. Texas
  2. Florida
  3. North Carolina
  4. South Carolina
  5. Indiana
  6. Nevada

And the bottom five states:
46. Connecticut
47. New Jersey
48. Illinois
49. New York
50. California

W. Scott Bailey/San Antonio Business Journal

Downtown Dallas' tallest office tower in more than a decade heading toward opening

The lower floors of 1900 Pearl with the parking garage haven't been closed in yet.(Steve Brown)

The 14th floor lounge area of 1900 Pearl includes an outside terrace.(HKS/:Lincoln  Property)

Downtown Dallas' tallest office tower in more than a decade is headed toward a finish.
The 25-story 1900 Pearl building is being constructed at the corner of Pearl Street and Woodall Rodgers Freeway across from Klyde Warren Park.
Developer Lincoln Property Co. and its partner Goldman Sachs are celebrating the topping-out of the 260,000-square-foot high-rise, which is being built next door to the Meyerson Symphony Center in downtown's Arts District.
"We are still on schedule to wrap up construction in December," said Lincoln Property's Worthey Wiles. "Baker McKenzie will start moving in in January."
Downtown law firm Baker McKenzie has rented 50,000 square feet located on more than two floors of 1900 Pearl.
They are the first major tenant signed up for the tower.
"I think the building will lease up when people can get in and see it," Wiles said.
Designed by Dallas architect HKS, the office space sits on top of 13 floors of parking.
Wiles said that the developer is negotiating with a couple of restaurant tenants for space on the first floor.
The first floor of offices will start on level 14 with a lobby area, tenant lounge, and outdoor deck.
That level includes a fitness center and conference room, too. There's even a small sports facility.
Steve Brown/Dallas Morning News

Friday, May 12, 2017

Houston-based Hines unveils new 135-acre, campus-anchored project in Allen corridor

Global real estate firm Hines unveiled plans for a new 135-acre, campus-anchored mixed-use development along Allen's 121 corridor, which could bring thousands of square feet of office space, retail shops and urban-style living options to the North Texas city.

The would-be destination, called The Strand, at State Highway 121 and Alma Road in Allen will bring a corporate campus with walkable amenities in a mixed-use neighborhood to Allen, which will have tied into the trail system connected to Watters Creek.
Houston-based Hines is partnering with longtime land owner, Bob Johnson, whose family has owned the land since 1965.

"We are pleased to partner with Hines on the overall project and help shape the destiny of the community," said Johnson, in a statement. "Hines' history of collaboration with world-class designers and planners, like Gensler, will allow The Strand to maintain quality, innovation and a legacy for this part of the city."

Hines Managing Director Drew Steffen said the mixed-use development will create a new center with urban walkability, activated public space, parks and plazas and on-site amenities.

The initial phase of the project will include about 200,000 square feet of office space, 80,000 square feet of retail space, urban-style living options, and a greenbelt with park space and structured parking.

The next two phases will total the build out of 1.5 million square feet of office space with up to 300,000 square feet of living and additional residential homes. In all, the mixed-use development will bring 10-acres of greenbelt and trail system to the city.

The Strand will help fill a current and anticipated demand for space in North Texas, which has been "unprecedented," said Barry Hand, principal and studio director in Gentler's Dallas office.

Candace Carlisle/Dallas Business Journal.