Monday, August 18, 2008

New office tower planned in Dallas' Park Lane project

A big office lease in Dallas' Park Lane project on North Central Expressway has developers pushing ahead with plans for a new office tower.

Developer Harvest Partners – which is building the 33.5-acre mixed-use project across from NorthPark Center mall – just signed the major office lease with Kosmos Energy.

Because of demand for office space in the project already under construction, the developer is now pushing ahead with plans to start the new office building.

Dallas-based Kosmos Energy, an international oil exploration and production company, will take 50,000 square feet in the first phase of the Park Lane development, which includes retail, residential and entertainment space.

"This is an ideal site for our company because it offers employees a centrally located space in an all-inclusive setting," said James Musselman, Kosmos Energy's chairman and chief executive.

Dallas real estate broker Peloton Real Estate Partners negotiated the deal.

"This lease kicks off the newly built office portion of this mixed-use development," said Peloton partner T.D. Briggs.

"And it takes us one step closer to our second phase – a 20-story, 430,000-square-foot office tower to be built at the hard corner of Park Lane and North Central Expressway," he said.

The office building would fill one of the last large development sites in the Park Lane project.

The space that Kosmos Energy rented is part of 100,000 square feet of offices located on two floors above the project's interior retail street.

"We already have prospects for the balance of that space," Mr. Briggs said. "We are talking to several large tenants that are in the market."

The $750 million Park Lane project will open early next year with retail tenants including Whole Foods Market, Dick's Sporting Goods and Nordstrom Rack.

There will also be a 250-room Valencia Hotel and Sports Club/LA fitness center.