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.