DALLAS –In a strong showing for a building repositioning, Bradford Commercial Real Estate Services has completed five leases for boutique office space in the recently renovated Highland Park West in north Dallas.
The freshly signed deals, totaling 14,687 sf, represent a 28.3% uptick in occupancy at 4300 MacArthur Ave. Four of the five will be new tenants in a two-story garden-style building that's visible from the Dallas North Tollway, close to a tollbooth and located in one of Dallas' wealthiest enclaves.
Newcomer Gray & Co. Realtors Inc. has scooped up 3,158 sf in Highland Park West after selling a building right across the street. Following suit is its former tenant, Carter & Co., which took 7,205 sf. In-house broker Jeremy Gray represented both companies. Their new offices will be ready to occupy June 1.
"It's one of the few office buildings with a Highland Park address," says Jared Laake, vice president of Dallas-based Bradford. He and Richmond Collinsworth, first vice president, lease the project for the local owner, 4300 MacArthur Partners LP.
In a swift-moving round of direct talks, the Bradford team also has secured new long-term leases with Green Brick Title LLC, 2,790 sf, and Rio Petro LP, 510 sf. Existing tenant Terry Hallmark LPC has inked a 1,024-sf renewal.
"This is a lot of momentum for a project of this size," Collinsworth says. "The renovations were underway at the time of each tour. That was the catalyst."
The 51,847-sf boutique office, Highland Park West is now 65% leased. Occupancy was 40% last summer when Bradford was awarded the assignment.
Common areas have been updated and a new monument sign is on the way. The work included the addition of two spec suites – 2,556 sf with a balcony and a 4,545-sf office that's divisible to 1,500 sf.
"It's been a substantial investment for the landlord," Collinsworth says, "but we've got five new leases and more in the pipeline as a result."