Deal Ranks Amongst Largest New Leases Signed in the CBD Over the Last Decade
June 23, 2021
Dallas – Transwestern Real Estate Services (TRS) announces that The Federal Deposit Insurance Corporation (FDIC) has signed a long-term, 163,005-square-foot office lease at Plaza of the Americas at 600 N. Pearl St. within the Dallas Arts District. Transwestern’s Kim Brooks, Justin Miller, Paul Wittorf and Laney Underwood represented the building owners. The lease ranks as one of the top five largest leases signed in the central business district over the last 10 years.
“This commitment is fantastic news for downtown Dallas and is indicative of the district’s overall attractiveness,” said Brooks. “Plaza of the Americas provides a truly unique office experience with on-site access to numerous dining options, retailers and a hotel in the Dallas Arts District. We continue to see very positive leasing momentum on this project.”
Plaza of the Americas is a premier mixed-use development with two 25-story office towers, a Marriott hotel with 40,000 square feet of event space, a 13-story glass atrium that features more than 20 retail and restaurant options and an indoor urban garden. The project includes onsite parking, a fitness center, a conference facility, connectivity to transit at the adjacent DART Pearl/Arts District Station with additional parking and retail options accessible via skybridges to adjacent buildings.
“It was very inspirational to witness the team maintain such a high level of focus and energy during the eye of the pandemic and be rewarded with such a phenomenal result. This is what makes this business fun,” said Wittorf.
M-M Properties, in partnership with a separate account managed by Clarion Partners, owns the buildings.
“We are pleased to welcome the FDIC to the space,” said Khalid Rashid, Managing Director at Clarion Partners.
Keith Lavey, Victoria Abbasi, Charles Dilks, Matt Johnston, Kurt Stout, Connor Faught, Travis Ewert and Mary Stoner with Colliers International represented the FDIC in lease negotiations.
“The M-M Properties team is excited that the FDIC selected Plaza of the Americas for its Dallas office. We were glad to be able to find an ideal solution for them, and to complete a complex deal in a very challenging environment makes it even more special,” said Joel McCarty, Principal with M-M Properties.
The FDIC lease at Plaza of the Americas follows the recent 69,130-square-foot lease renewal of Thompson Coe, the 20,769-square-foot lease renewal of Saville Dodgen & Company and the 8,986-square-foot relocation of Estrada Hinojosa, affirming the project’s position as a strong site for firms to recruit and retain talent.
About M-M Properties, Inc
M-M Properties, Inc. is a privately held real estate firm with extensive experience developing, owning and operating distinguished assets in major markets across the United States. The company or its principals have engaged in real estate investment activities on behalf of investors, partners or for its own account across a portfolio of assets that has included 38 million square feet of office projects and 18,000 multifamily units with a cumulative transaction volume in excess of $10 billion. M-M Properties’ current assets under management total over $1.25 billion owned in separate joint ventures with several investment partners and includes 5 million square feet of office properties that are self-managed. For further information, please visit mmprop.com.
About Clarion Partners, LLC
Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and
FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 39 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With over $59.1 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 500+ domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About the FDIC
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system. The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.