December 08, 2021

Work starts on Plano tower, ending office groundbreaking drougt

By: Steve Brown

Construction has kicked off on the largest high-rise project started in Plano in almost two years.

Developer Granite Properties has already signed a first major tenant for the office high-rise, which faces the south side of State Highway 121 at Granite Parkway.

The 19-story Granite Park Six office tower will contain 420,000 square feet of first-class office space and will be ready for occupancy in mid-2023.

Stonebriar Commercial Finance — a commercial finance and leasing company already located in another building in the surrounding Granite Park development — will take two floors with 52,000 square feet of offices in the new building.

“We’re excited Stonebriar has chosen Granite Park Six to expand their business,” said Will Hendrickson, senior managing director of Granite Properties. “With Granite Park Six, we will build on Granite Park’s success of offering high-quality spaces for work, productivity and leisure within a walkable, park setting.

“This will be the biggest and nicest building we’ve built in Granite Park.”

The developer finished the last office tower at Granite Park in 2018 — a 10-story, 330,000-square-foot building that’s fully leased to mortgage giant Fannie Mae.

Granite Properties delayed start of the next tower with the onset of COVID-19, but with demand for office space rebounding in the area, chose to move ahead with the new construction.

“We’ve seen leasing activity pick up a lot over the last six months,” Hendrickson said. “Our occupancy levels at Granite Park right now are around 95%.

“We need the space to accommodate both new inquiries and to facilitate our existing customers’ growth and expansion.”

Hendrickson said he’s seeing interest in office space from both local companies and out-of-town businesses looking to locate in the area.

The Granite Park Six tower was designed by local architects BOKA Powell, and HKS. Austin Commercial is the general contractor.

The new office venue will include a large outdoor terrace on the sixth level, a customer lounge, a fitness studio, conference rooms and a 400-seat lecture hall.

The ground floor of the tower will include a market café.

Stonebriar Financial has been a tenant at Granite Park since 2004 and decided to move to the new building to allow room for growth.

“Granite Park Six was our first choice when we found ourselves in need of more space to accommodate our growth and strategic goals,” Dave B. Fate, CEO of Stonebriar, said in a statement. “Over the past 17 years as customers at Granite Park, we’ve enjoyed Granite’s consistent pursuit of maintaining a first-class experience throughout the park as well as the highly praised Hilton Hotel, which accommodates the many weekly visitors we host in our offices.

“Granite Park will remain Stonebriar’s headquarters for many years to come.”

Tyler Thomas and Scott Morse of Citadel Partners represented Stonebriar Financial in lease negotiations with of Robert Jimenez and Burson Holman of Granite Properties.

Multiple developers have put forth plans for new office projects along the Dallas North Tollway in Plano and Frisco.

But so far, only Granite Properties and Dallas Cowboys’ owner Jerry Jones Star in Frisco projects have pulled the trigger on a construction start.

Jones’ Blue Star Land and Lincoln Property Co. are building an 11-story office tower that will sit on the west side of the Dallas North Tollway near Warren Parkway in Frisco.

Most of the other proposed office projects in the Far North Dallas suburbs are waiting for significant tenant commitments before starting construction.

“Far North Dallas continues to see some of the highest demand for office space across the Metroplex as net absorption was just over 400,000 square feet last quarter,” said Tyler Thomas, a senior adviser with Citadel Partners. “Larger tenants are beginning to get back out in the market and make decisions.

“We believe Granite Park Six will reap the benefits of the strong leasing demand and rent growth we are forecasting for 2022.”