Bank of America Secures Decade-Long Lease for Over Half a Million Square Feet at Texas' Hallmark Center I

Bank of America has committed to a significant 10-year lease renewal, covering 553,799 square feet at Hallmark Center I in Addison, Texas. This renewal encompasses the entire campus, underscoring the bank’s long-term presence in the area. The tenant was represented by JLL, while the landlord, the RMR Group, was represented by Stream Realty Partners.

History of the Hallmark Center I Campus

Hallmark Center I, the location of the renewed lease, consists of two buildings constructed in 1977 and 1997, respectively. These structures, one with two stories and the other with three, offer substantial space and amenities. The two-story building includes three passenger elevators and approximately 750 parking spaces, with floorplates averaging 140,000 square feet. The three-story building provides 90,000-square-foot floorplates and roughly 1,470 parking spots. The 35-acre campus is strategically located near Addison Airport and downtown Addison, with Downtown Dallas only 16 miles away and DFW International Airport less than 20 miles distant.

Economic Context and Continued Office Activity

Despite economic challenges, including a high office vacancy rate in the Metroplex at 21.8 percent as of June—significantly above the national average of 18.1 percent—large office deals continue to occur. For instance, Santander Consumer USA recently renewed its lease for 211,087 square feet at 1601 Elm St. in Dallas. Another notable lease renewal involved the Dallas Plastic Surgery Institute, which retained its 45,000-square-foot space at The Pyramids at Park Lane South in Dallas, part of Big Sky Medical’s campus.

These transactions highlight ongoing confidence in the office market despite broader economic pressures.