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Texas  + Dallas-Fort Worth  + Office  | 
Granite and Highwoods JV on Two North Texas high-rises

Granite, Highwoods Become JV Partners on Two North Texas High-Rises

Granite Properties and publicly-traded Highwoods Properties have agreed to be 50% partners in 23Springs and Granite Park Six. On a combined basis, the total anticipated investment for the projects is expected to be approximately $660 million (at 100%). The joint ventures have obtained construction loans for both projects for approximately 60% of the anticipated real estate development costs. The Company’s 50% share of the equity required to fund the development projects is approximately $130 million.

23Springs is a 26-story, 626,000 square foot office development with 16,000 square feet of retail in Uptown Dallas. Granite Park Six, a 19-story, 422,000 square foot office development in the Granite Park area of Plano, Texas.

Bank OZK has already agreed to occupy nearly 20% of 23Springs once it opens in the fall of 2023. The Class-AA office has a coffee and wine bar, an outdoor lounge with conference facilities, a fitness center and a covered garage.

Granite Park Six will be the tallest building in Granite Park. Stonebriar Commercial Finance has signed a lease to occupy two floors, totaling 52,000 square feet. GPS has a coffee kiosk, 400-seat lecture hall, fitness studio and golf simulator. Granite Park Six will be delivered in the third quarter of 2023.


Inside The Story

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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