Completed less than a year ago, The Stack Deep Ellum is in a neighborhood just east of downtown Dallas known for its quirky art galleries, murals and live music venues rather than its high-end office space. But the Class A office tower quickly became fully leased to a variety of companies seeking a place to help them retain and attract creative professionals.
The property: Hines, Westdale Real Estate Investment and Management and Ivanhoé Cambridge teamed up on the office and retail project at 2700 Commerce St. that was designed by 5G Studio Collaborative and built by Whiting-Turner.
Brokers: Jon Altschuler of Altschuler and Co. represented the landlord in leasing the office space. JLL's Robert Blount and Andy Leatherman represented the latest tenant to land at The Stack: advertising agency TRG.
Why it matters: By leasing up The Stack Deep Ellum, with the recently completed TRG lease for 101,808 square feet of office space, it proves the joint venture partners were correct in betting on the project's "community-centric" and "highly experiential offering," said Charlie Musgrave, senior director of office leasing at Ivanhoé Cambridge. "An engaging workspace continues to be relevant to fuel talent engagement, retention and development.”
Going deeper: The Stack's outdoor terrace overlooking downtown Dallas was part of the office building's design prior to the pandemic, said Ben Brewer, senior managing director at Hines. But the pandemic, which helped create plenty of elbow room to build the office tower in the urban neighborhood, helped inspire an elevation of the design to include a touchless experience from vehicle to tenant space, giving companies some comfort to extend to employees. The 9,000-square-foot mural on the east side of the building was created by world-renowned mural artist and designer Tristian Eaton and helps welcome visitors to the neighborhood.
What they're saying: "This gives us more validation Deep Ellum is an office market, with tenants making big commitments to the culture and diversity in an amenity-rich neighborhood as being the kind of place that attracts employees and keeps them enjoying the neighborhood," Joe Beard, president and CEO of Westdale, told CoStar News. "This is really becoming an iconic neighborhood that's becoming nationally, if not internationally, known."
CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge. A list of judges can be found here and the criteria for selecting winners can be found here.