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Activity Abounds at Gaedeke’s Dallas Office Properties
December 28, 2017
One McKinney Plaza, 17Seventeen McKinney and Regency Plaza wrapped up the year with a burst of new leases, as the buildings’ owner makes renovation plans at two of the assets.
An active ending to 2017 precedes big plans in 2018 at Gaedeke Group LLC’s three-property office portfolio in the Uptown/Turtle Creek submarket of Dallas. Gaedeke recently recorded a flurry of lease agreements totaling nearly 40,000 square feet at the premier office high-rises, and now the real estate firm is preparing for renovations at two of the buildings.
One McKinney Plaza, 17Seventeen McKinney and Regency Plaza comprise the Uptown/Turtle Creek collection, which is winning popularity contests. “We think the Gaedeke high-rises capture the three demographical characteristics of this submarket: hip/cool, pedestrian-friendly and Class AA space,” Allison Johnston, leasing agent with Gaedeke Group LLC, said in a prepared statement. The occupancy level at the three buildings exceeds the submarket average by several points, according to Gaedeke.
At the 264,000-square-foot One McKinney, Gaedeke signed two new leases totaling 12,200 square feet, one of which was for space in the 15-story building’s two-story retail annex. At 17Seventeen, a 369,000-square-foot tower standing 19 stories tall, one tenant expanded its lease by 15,100 square feet and another company joined the roster by staking a claim to nearly 3,000 square feet. And the 173,000-square-foot, 16-story Regency Plaza welcomed a business to a nearly 7,000-square-foot space for an out-of-state headquarters relocation.
“We’re seeing a lot of inbound relocations by technology, gaming, engineering and professional service firms to Uptown/Turtle Creek,” Elliot Prieur, senior vice president of leasing with Gaedeke Group LLC, noted in prepared remarks. The submarket is a highly desirable one, and the numbers tell the story. The overall vacancy rate for Class A properties in Uptown/Turtle Creek was 10 percent in the third quarter, compared to the 17.2 percent total average for the same property class in the Dallas-Fort Worth area, per a report by commercial real estate services firm Colliers International.
PUTTING THEIR BEST FACE FORWARD
Brisk leasing activity is just part of the news at Gaedeke’s Uptown/Turtle Creek portfolio. The real estate firm is planning significant upgrades at two of the three properties. At 17Seventeen, which Gaedeke acquired in 2016, the seventh-floor amenity level will be reborn as an open, creative lounge space with views of the outdoor plaza. Additionally, the building’s conference center will be redesigned and updated to offer cutting-edge technology.
Regency Plaza will also be subjected to a renovation program. Gaedeke will transform the more traditional entrance of the LEED Silver-certified headquarters building into a visually striking glass-box portal, featuring such amenities as Zen rooms.
One McKinney, on the other hand, had its makeover in 2011. The property underwent a $6 million redesign and renovation process that modernized its core, shell and interior.
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