Uber Leases 450000 Square Feet At 2550 Pacific Ave Dallas From Westdale Real Estate
2550 Pacific Ave, Dallas, TX, 75226
Building Size
450,000 SF
Asset Type
Mixed-use
Closing
Aug 21, 2019
AI
Uber has signed a lease for a total of 450,000 square feet at 2550 Pacific Ave, Dallas, TX, 75226, situated in the Dallas market. The property is part of The Epic, a mixed-use development that will include a 23-story office building, which upon completion will total 470,000 square feet. Uber is currently set to occupy 168,000 square feet on the ninth to 15th floors of the existing Epic office tower starting in July 2020.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 2550 Pacific Ave, Dallas, TX, 75226
- Square Feet: 450,000
- Tenant: Uber
- Landlord: Westdale Real Estate Investment and Management
- Tenant's Representative: John Ellerman (CBRE)
- Broker: Dennis Barnes (CBRE)
The deal involves significant contributions from both parties, with Dennis Barnes, Tommy Nelson, and Ben Davis of CBRE representing Westdale Real Estate Investment and Management, while Phil Puckett, John Ellerman, and Harlan Davis of CBRE represented Uber in this transaction.
Players
Dallas Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93