Balfour Beatty Renews HQ Lease Early, Extends Term in Citymark at Katy Trail

DALLAS – In a testament to its headquarters location, Balfour Beatty Construction has signed a 46,694-sf early renewal and long-term extension of its class A lease in Citymark at Katy Trail in Uptown, a prominently positioned mid rise in one of Dallas' most noted office districts.

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Balfour Beatty has retained its position as the largest tenant at 3100 McKinnon St., the only class A office property with direct access to the 3.5-mile recreational Katy Trail. The lease for the 200-employee office has been renewed four years early and the term extended at least 10 years.

Richmond Collinsworth, first vice president of Dallas-based Bradford Commercial Real Estate Services, represented the landlord, 3100 McKinnon LP. Phil Puckett, Neal Puckett and Harlan Davis of CBRE, were the tenant representatives for Balfour Beatty, which has streamlined its space to two floors from five. A new tenant-improvement allowance will enable the firm's offices to be extensively renovated. The tentative completion date is early September.

"Balfour Beatty, which greatly influenced Citymark's renovation, is planning to design an equally noteworthy headquarters and create more efficient use of its leased space," Collinsworth says.

The 226,344-sf Citymark at Katy Trail's $7.5 million renovation was completed in February 2017, nearly two years after it was purchased by the Dallas-based investment group. Its amenity package now features a one-acre deck park with commanding views of downtown, Uptown and Reverchon Park, three-story lobby, deli, fitness center with locker rooms, conference rooms, tenant lounge and fully updated common areas. Its neighbors include many of Uptown's most desirable retail, restaurants, condominium towers and hotels.

Balfour Beatty will be creating 21st century headquarters space. "With as much time as people spend in offices, you need to love where you work. It's also important for talent retention," Collinsworth says.

Balfour Beatty's three returned floors have yet to hit the market, but several prospects already have surfaced. Much of the space had been inherited with Balfour Beatty's acquisition of Centex Construction Co. in 2007, which had headquartered in the office building for decades.

Developed in 1987, the 11-story Citymark at Katy Trail and four-level parking garage are strategically positioned on a 3.7-acre tract at the entrance to the Dallas North Tollway.

"Citymark is one of the most easily accessible buildings in Uptown, which is becoming more and more congested. This location offers the ability to get in and out quickly," Collinsworth says, "and that's as important to tenants and their clients as is the quality of our project."

Balfour Beatty, based in Dallas since 1933, is the leading construction manager in North Texas and consistently ranked among the nation's largest building contractors. Among its high-profile projects in Dallas are the LEED Gold 1.9-million-sf New Parkland Hospital and 180,000-sf Perot Museum of Nature and Science. The US operation is a subsidiary of London-based Balfour Beatty plc.

April 20, 2018

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