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2550 Pacific Ave, Dallas, T...

Uber Leases 450000 Square Feet At 2550 Pacific Ave Dallas From Westdale Real Estate
LEASEDMixed-use

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

John Ellerman

CBRE

Broker

4 deals

Broker
WM
Westdale Real Estate Investment and ManagementLandlord
U
UberTenant

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