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409 N Houston St, Dallas, T...

Lerma Advertising Leases 27959 SF Office Space At 409 N Houston St, Dallas
LEASEDOffice

Lerma Advertising Leases 27959 SF Office Space At 409 N Houston St, Dallas

409 N Houston St, Dallas, TX, 75202

Building Size

27,959 SF

Asset Type

Office

Closing

Nov 20, 2023

AI

The Luminary, an eight-floor office tower located at 409 W. Houston in Dallas’ Innovation District, recently leased 27,959 square feet of office space to Lerma Advertising. The office tower was delivered in 2019 and offers amenities such as 14-foot floor-to-ceiling windows, SageGlass no-blind window tint technology, a rooftop deck, and locker rooms.

Summary of transaction details:

Trey Smith, Lauren Napper, and Ward Eastman from CBRE in Dallas represented the landlord, Longwharf and Crescent Real Estate, in the lease negotiations with Lerma Advertising. On the other hand, Dan Harris from Stream Realty Partners acted as Lerma Advertising's representative in the deal. The Luminary still has 54,000 square feet of available space for lease, which includes two speculative office suites.

Players

Ward Eastman

CBRE

Broker

3 deals

Broker
Crescent Real Estate
Crescent Real EstateLandlord

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