BOKA Powell is partnering with Kaizen Development Partners to deliver a 300,000-square-foot high-rise in Uptown.
DALLAS NEWS: Uptown Dallas’ next tower is financed and starting work
By: Steve Brown, Real Estate Editor
Developers have started demolition to make way for the next Uptown high-rise.
Kaizen Development Partners is tearing down a seven-story office and parking garage building at Akard and Olive streets to make way for a 25-story office tower it plans to construct on the site.
Called the Link at Uptown, the 300,000-square-foot project is next door to the new Union Dallas mixed-use project.
The developer says it has secured financing for the project with Broad Street Real Estate Credit Partners III, an investment fund managed by a unit of Goldman Sachs.
The new Uptown tower is set to open in 2021.
“Uptown is not only one of the most vibrant submarkets in the region but one of the most vibrant in the U.S.,” said Derrick Evers, Kaizen’s managing partner and CEO. “Its authentic blend of premier location, amenities and distinctive presence makes it extremely attractive for prospective office tenants.”
Dallas architect BOKA Powell designed the Link, and Balfour Beatty will be the general contractor. HFF arranged the financing.
Blake Shipley of JLL and Thirty-Four Commercial’s Sarah Hinkley are leasing the project.
With strong leasing in Uptown’s just-completed office projects, developers are scrambling to get new buildings out of the ground.
The Link is the first such project to announced financing and start work.
Goldman Sachs, which is providing funding for the Link development, also owns the new 1900 Pearl office tower in the downtown Arts District. That building is almost fully leased and was recently put up for sale at what’s said to be record pricing for Dallas.