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News release

Dallas

Surge in Leasing Creates Prime Lending Opportunity in Dallas

Olymbec acquires 1700 Pacific, turning focus toward leasing


DALLAS, Aug. 6, 2014 – Vacancy rates continue to fall in Dallas and its Central Business District (CBD) is poised to record positive net absorption. According to JLL’s Q2 2014 Office Highlights, Dallas is experiencing a surge in leasing activity, making the market’s office properties even more appealing to investors and lenders alike. JLL’s Capital Markets experts today announced the firm has secured acquisition financing for 1700 Pacific, a Class A office building in downtown Dallas. Prosperity Bank provided the 22-year term acquisition loan to Montreal-based Olymbec.  

Managing Director Tim Jordan and Executive Vice President Mark Brandenburg led the JLL team on this transaction. JLL has led leasing efforts for more than 12 years for the property and Managing Director Jeff Eckert, Executive Vice President James Esquivel and Associate Ashley Curry have been tapped to remain as the property leasing agents. Justin Klumak led efforts for Olymbec.

“1700 Pacific is a well-maintained, high-quality asset with tremendous upside potential,” said Brandenburg. “As Dallas office vacancies continue to drop, rents rise in surrounding submarkets and large blocks of office space become increasingly rare, investors and tenants are aggressively seeking cost-effective office property solutions in the city’s CBD.”

Added Klumak, "We are very excited for 1700 Pacific, it's tenants and the Dallas community to join our Olymbec family. Taking our first step into the Dallas market, we are eager to welcome new tenants to our building. Our primary focus is to show our tenants and prospective tenants what JLL, Lincoln Property Company and Olymbec can do as a team to make 1700 Pacific the building of choice in Downtown Dallas."

The 49-story, 1.3 million -square-foot office tower is the fifth largest in Dallas.  Olymbec specializes in repositioning properties with higher vacancies and 1700 Pacific is currently 42 percent occupied but hosts major tenants including Akin Gump Strauss Hauer & Feld LLP, Neiman Marcus, Mary Crowley Medical Research Center and Southcross Energy. It features a world-class fitness center and is located in close proximity to the city’s transportation hubs.

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JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.