Influx Of Tenant Leases in Dallas’ Pinnacle Tower

DALLAS – November 15, 2022 – Twelve companies occupying more than 90,000 square feet now call the recently renovated Pinnacle Tower home as Stream Realty Partners see tenants flocking to luxury office spaces with state-of-the-art amenities.

Stream, a national real estate services, development, and investment firm headquartered in Dallas, represented building owners New York Life and Encore Enterprises in the recent signings of tenants across various industries, including a regional full-service accounting firm, an international law firm, an integrated global real estate investment firm, and a Fortune 200 financial and insurance company.

New tenants include Huselton, Morgan & Maultsby, USAA Real Estate, and Haynes and Boone, which will each occupy over 10,000 square feet in the Class A office tower at 5005 Lyndon B. Johnson Freeway. Pinnacle Tower’s robust speculative suite program has also attracted numerous smaller and medium-sized tenants. The new leases signed at Pinnacle Tower will generate over $22.5 million in rental revenue for the landlord. In totality, Stream has executed over 350,000 square feet of leases with new or expanding tenants since being awarded the leasing and property management assignment in 2016.

Pinnacle Tower, totaling 549,170 square feet, underwent a more than $10 million renovation in 2018 that included a fitness center, sundry shop, coffee bar, tenant lounge, on-site restaurant, and conference room with seating for up to 300 people. The tower’s exterior lighting, walking areas, lobby, entryway, and outdoor patio were also refreshed to provide tenants with an ideal work-relax environment. New York Life Investments and Encore purchased the building in 2016 with the plan to rebrand and reposition the 24-story asset.

Adjacent to Dallas North Tollway and Interstate 635, Pinnacle Tower boasts premier visibility and walking accessibility to restaurants and hotels. It is centrally located, with over two-thirds of the Dallas-Fort Worth population within a 30-minute commute. In addition, the building is within 12 minutes of Downtown Dallas, 18 minutes of Dallas-Fort Worth International Airport, and 14 minutes to the Legacy/Frisco area.

“Companies across the nation are looking for the best possible office experience for their employees in the most centralized location, reducing commute times and resulting in happier employees,” said Chase Lopez, Vice President at Stream.

“Pinnacle Tower has continued to realize demand from both locally and nationally based tenants due to its convenient accessibility for such a large percentage of the Dallas/Fort Worth population,” said Marissa Parkin, Senior Associate at Stream. “The location, coupled with the tower’s first-class on-site amenities, has been a recipe for success.”

Pinnacle Tower currently offers spaces ranging from 2,110 square feet to 98,412 square feet. Stream Executive Vice President and Partner J.J. Leonard, Lopez, and Parkin provide leasing services at the tower. For leasing information, contact Stream Dallas at 214.267.0400.

About Stream Realty Partners

Stream Realty Partners is a full-service commercial real estate firm with integrated offerings in leasing, property management, tenant representation, development, construction management, investment sales, and investment management services. Headquartered in Dallas, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, the company has grown to a staff of more than 1,200 professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, Northern Virginia, Phoenix, San Antonio, and Washington, D.C. Stream completes more than $5.8 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.

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CONTACT:
Brian J. Medricka
Stream Realty Partners
Director, National Communications, Public & Media Relations
214.560.3033

Mohr Capital Sells Alamo Quarry Medical Building to Big Sky Medical

Mohr Capital, a Dallas-based privately held real estate investment firm, sold the Alamo Quarry Center medical office building at 250 E. Basse Road in San Antonio to Dallas-based Big Sky Medical, in a transaction brokered by Cushman & Wakefield. The two-story 38,370 square foot building is fully leased.

The sale was part of a temporary shift in strategy to move capital into other development projects. Mohr Capital remains committed to its medical portfolio and will continue to pursue future opportunities in the asset class.

Pegasus Park Welcomes Southern Methodist Institute Computational Biosciences

Pegasus Park is pleased to welcome SMU (Southern Methodist University), which has announced plans to open an Institute for Computational Biosciences at the campus’ expanding biotech and life sciences hub.

Several SMU centers will work under the Institute for Computational Biosciences, including the Center for Drug Discovery, Design and Delivery and these planned centers and institutes: the Center for Computational Genomics, the AI Institute for Precision Health, the Center for Metaverse Immersive Technologies for Health Science and the Center for Innovation and Training. Researchers from biology, chemistry, computer science, engineering, education and business will collaborate within the Institute.

Pegasus Park, the 25-acre mixed-use campus, was developed to function as a dynamic ecosystem that promotes collaboration, cross-creativity, and entrepreneurship to support advances in biotech and life sciences, social impact and corporate innovation. The addition of SMU biotech research departments will further diversify the biotech and life science ecosystem and provide important collaboration amongst a growing number of significant academic institutions that are relocating various departments to Pegasus Park.

SMU will be joining healthcare research groups, nonprofit organizations, and universities including UT Southwestern, Health Wildcatters, MassChallenge, and Taysha Gene Therapies within the 18-story office tower. The addition of SMU’s biotech research groups accelerates Pegasus Park’s plans to bolster local biotech, social impact, and corporate innovation.

Keyway Announces Acquisition of Lakeside Multifamily Property in Dallas

Keyway, the technology platform that radically simplifies commercial real estate transactions, announced the closing of its first acquisition in the Dallas-Fort Worth area, the 157-unit Lakeside on Spring Valley apartment community in Richardson.

The complex has 15 buildings with one- and two-bedroom residences, with an average unit size of about 771 square feet. It also has two resort-style swimming pools and frontage on a private lake. Its location at 1000 W. Spring Valley Road offers easy access to both Interstate 635 and Highway 75 and a quick commute to some of DFW’s major employment centers in Downtown Dallas, Plano, Allen, and McKinney. The Lakeside community will be rebranded after a $3.0 million renovation.

Keyway Co-Founder and CEO Matias Recchia, said: “We are excited to enter the Texas market with such a well-managed and well-known property. The fact that it has never traded before, coupled with the fact that the deal was transacted off market, are both a testament to how we are approaching Dallas and Texas overall; we want to be the best partner for owners and brokers who are serious about getting deals done smoothly and efficiently, and we expect this to be the first of many transactions for Keyway in the market.”

Keyway dramatically simplifies CRE transactions by reducing costs by 50% and transaction time by 90%, benefiting brokers, sellers, and buyers alike. Keyway also fills an important gap for those institutional investors not structured to handle smaller deals, while at the same time providing a predictable and efficient process for every transaction. The company has plans to facilitate at least $200 million in transactions by the end of the year.

CheckSammy Headquarters Relocates to Addison

Cushman & Wakefield announced the commercial real estate services firm has arranged a new 22,549-square-foot office lease at The Madison in Addison on behalf of CheckSammy, a sustainable waste removal and recycling solutions company. The full-floor space will serve as CheckSammy’s new North America headquarters location.

Travis Boothe, Hanna Henley, and Robbie Baty of Cushman & Wakefield represented CheckSammy in the lease negotiation. Chris Andler and Michael Foster represented the landlord, Property Advisers Realty, Inc.

CheckSammy offers waste removal, recycling and sustainability services throughout North America. CheckSammy utilizes data-centric proprietary technology and its nationwide network of haulers to tackle complex waste and recycling challenges in a fiscally and environmentally sustainable way. The company relocated their North American headquarters from Las Vegas to D-FW in 2021, and quickly grew from three local employees to over 90.

Located at 15851 Dallas Parkway, the Madison is featured within the Quorum/Bent Tree submarket. The Madison features a newly remodeled lobby, a 7,500-square-foot fitness center with brand new equipment, and locker rooms. The building also offers two large conference centers and on-site deli for the tenants. The open atrium design provides ample light throughout the building creating an inviting and bright environment for the tenants.