HPI Real Estate Services & Investments Leases 77009 Square Feet To Tenant In Dallas
500 N Akard St, Dallas, TX, 75201
Building Size
77,009 SF
Asset Type
Office
Closing
Nov 19, 2023
AI
Ross Tower, located at 500 N Akard St in Dallas, TX, encompasses 1.1 million square feet of office space. The recently signed lease involves a total area of 77,009 square feet, providing a customizable environment for its new tenant, the law firm Munsch Hardt Kopf & Harr, which is set to transition to this location from its previous floors held since 2005.
Summary of transaction details:
- Property Type: Office Lease
- Transaction Amount: Not disclosed
- Address: 500 N Akard St, Dallas, TX, 75201
- Market: Dallas
- Square Feet: 77,009
- Tenant: Munsch Hardt Kopf & Harr
- Landlord: HPI Real Estate Services & Investments
- Tenant's Representatives: Craig Wilson - Stream Realty Partners, Dan Harris - Stream Realty Partners, Randy Cooper - Stream Realty Partners, Tim Terrell - Stream Realty Partners
- Lease Term: 15 years
- Occupancy Date: Fall 2024
The transaction highlights the involvement of key individuals representing the law firm in its lease negotiations, including Craig Wilson, Dan Harris, Randy Cooper, and Tim Terrell, all associated with Stream Realty Partners. The firm will relocate to occupy floors 40 through 42 of Ross Tower, marking a significant transition in its operational footprint within the Dallas market.
Players
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