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

Steptoe & Johnson, PLLC Leases Office Space In Dallas With Savills Reps
LEASEDOffice

Steptoe & Johnson, PLLC Leases Office Space In Dallas With Savills Reps

500 N Akard St, Dallas, TX, 75201

Building Size

14,300 SF

Asset Type

Office

Closing

Nov 20, 2023

AI

The office property at 500 N Akard St, Dallas, TX, 75201 is an attractive location for law firms. Steptoe & Johnson, PLLC chose this building for their first Dallas office, securing a 14,300-square-foot space on the 32nd floor. Kessler Collins, Godwin Bowman, and McGinnis Lochridge also found new homes in Ross Tower, with each firm leasing unique spaces within the high-rise.

Summary of transaction details:

Lesa Nickelson French and Ric Kanatzer of Savills played essential roles in representing Steptoe & Johnson, PLLC during lease negotiations. Transwestern's Principal Sanders Thompson and Senior Vice President Billy Gannon facilitated the lease for Kessler Collins. The move for Godwin Bowman PC was orchestrated by Director Ryan Hoopes and Executive Managing Director Tom Sutherland from Cushman & Wakefield. The transaction also saw McGinnis Lochridge, LLP doubling their space within Ross Tower.

Players

Ric Kanatzer

Savills

Broker

1 deal

Broker
SP
Steptoe & Johnson PLLCTenant

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