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2323 Cedar Springs Road

Deloitte Leases 100,000 SF Office Space In Uptown Dallas
LEASEDOffice

Deloitte Leases 100,000 SF Office Space In Uptown Dallas

2323 Cedar Springs Road

Building Size

100,000 SF

Asset Type

Office

Closing

Jan 16, 2024

AI

The 23Springs tower, located at 2323 Cedar Springs Road in Dallas, has recently secured a lease agreement with Deloitte. The multinational professional services network will be relocating to Uptown Dallas and leasing over 100,000 square feet of office space. This move comes amidst a leasing downturn in the Dallas-Fort Worth area, and Deloitte cited the need for appealing office spaces and amenities as their reason for choosing the 23Springs tower.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 2323 Cedar Springs Road
  • Market: Dallas

In this lease agreement, Deloitte will be renting office space from the following landlords: Will Hendrickson of Granite Properties and Ted Klinck of Highwoods Properties. The collaboration between these parties signifies a strategic decision made by Deloitte to fulfill their office space requirements.

Players

D
DeloitteTenant

Dallas Office Market Snapshot

Boundary boundary · Office · 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