Jones Lang LaSalle Incorporated : $290M construction financing secured for Dallas Class AA trophy office tower

DALLAS, Apr. 15, 2024 - JLL 's Capital Markets group announced today that it has arranged a $290 million construction loan for Parkside Uptown, an approximately 500,000-square-foot, trophy Class AA office tower being built in Uptown Dallas.

JLL worked on behalf of the developer, Pacific Elm Properties, to secure the four-year, floating-rate loan from the Real Estate group within Goldman Sachs Alternatives.

Due for completion in 2027, Parkside Uptown will stand 30 stories tall and offer trophy office space and top-of-the-line amenities, including a sky lobby and lounge, outdoor tenant terraces, fitness facilities and ground-floor retail. Bank of America has pre-leased 49% of the space as of the time of loan closing.

According to JLL Research, highly amenitized buildings are expanding their outperformance against the broader market with certain amenities such as roof terraces or outdoor seating driving the most rent premiums.

Parkside Uptown is located at the corner of Harwood Street and Woodall Rogers Freeway in the heart of Uptown Dallas. The property is immediately adjacent to Klyde Warren Park, a 5.2-acre park that serves as a focal point of the city, connecting Uptown and Downtown Dallas, and is within walking distance of numerous restaurants and entertainment options.

The JLL Capital Markets Debt Advisory team was led by Executive Managing Director Trey Morsbach, Michael Cosby, Senior Managing Director Jim Curtin and Managing Director Greg Napper.

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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