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500 N Akard St, Dallas, TX,...

HPI Real Estate Services & Investments Leases 77009 Square Feet To Tenant In Dallas
LEASEDOffice

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

Dan Harris

Stream Realty Partners⁠

Broker

9 deals

Broker
HI
HPI Real Estate Services & InvestmentsLandlord

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