JLL Capital Markets led the financing efforts for Parkside
Uptown, which is nearly 50% pre-leased to Bank of America
DALLAS, April 16,
2024 /PRNewswire/ -- 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,
Senior Managing Directors Jim Curtin
and Michael Cosby 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.
For more news, videos and research resources, please visit
JLL's newsroom.
About Pacific Elm Properties
Pacific Elm Properties
owns, manages, leases, invests in, and develops dynamic, mixed-use
properties in Dallas, Texas and
Raleigh, North Carolina. With an
uncompromising commitment to placemaking, Pacific Elm elevates
existing and creates new upscale urban neighborhoods, including the
Field Street District in Downtown
Dallas, Ivy Park in the
Knox District, Bank of America
Tower at Parkside on Klyde Warren Park, and the new PNC Arena
district in Raleigh. Pacific Elm
Properties was formed and is managed by Woods Capital, which was
founded by Jonas Woods in 2007. The
Pacific Elm team has been an active participant in the real estate
market as an investor, developer, and manager of real estate assets
for over 30 years and has completed over $6
billion in real estate acquisition and/or development
transactions including office, residential, industrial, retail and
mixed-use properties.
About Real Estate at Goldman Sachs
Alternatives
Goldman Sachs is one of the leading
investors in alternatives globally, with over $450 billion in assets and more than 30 years of
experience. The business invests in the full spectrum of
alternatives including private equity, growth equity, private
credit, real estate, infrastructure, hedge funds and
sustainability. Clients access these solutions through direct
strategies, customized partnerships, and open-architecture
programs. The business is driven by a focus on partnership and
shared success with its clients, seeking to deliver long-term
investment performance drawing on its global network and deep
expertise across industries and markets. The alternative
investments platform is part of Goldman Sachs Asset Management,
which delivers investment and advisory services across public and
private markets for the world's leading institutions, financial
advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision
globally as of December 31, 2023.
Established in 1991, Real Estate at Goldman Sachs Alternatives is
one of the leading investors in real estate with over $60 billion in capital invested since 2012 across
the spectrum of investment strategies from core to opportunistic
and credit. The global team invests across all sectors with deep
expertise across the capital structure, in assets ranging from
single properties to large portfolios, through senior mortgages,
mezzanine debt and equity. Follow us on LinkedIn.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial
real estate and investment management company, has helped clients
buy, build, occupy, manage and invest in a variety of commercial,
industrial, hotel, residential and retail properties. A Fortune
500® company with annual revenue of $20.8
billion and operations in over 80 countries around the
world, our more than 106,000 employees bring the power of a global
platform combined with local expertise. Driven by our purpose to
shape the future of real estate for a better world, we help our
clients, people and communities SEE A BRIGHTER WAYSM.
JLL is the brand name, and a registered trademark, of Jones Lang
LaSalle Incorporated. For further information, visit
jll.com.
Contact: Kristen Murphy,
JLL Director, Public Relations
Phone: +1 617 543 5873
Email: Kristen.Murphy@jll.com
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SOURCE JLL