JLL Capital Markets secures financing for Weir’s Plaza in Dallas
New mixed-use project will include 12-story Class A office tower and ground floor retail
DALLAS, July 16, 2019 – JLL Capital Markets experts announced today the firm successfully secured construction financing on behalf of a partnership led by Four Rivers Capital for the development of Weir’s Plaza, a 12-story mixed-use development in the Knox District of Dallas. The project will include a Class A office tower encompassing approximately 250,000 square feet of rentable office space and approximately 40,000 square feet of ground floor retail of which 28,000 square feet will be occupied by Weir’s Furniture.
JLL Managing Director Tim Jordan and Vice President Clint Coe secured the construction financing for the ownership group. Real estate finance and investment management firm PCCP, LLC provided the senior construction loan.
“Upon its completion, Weir’s Plaza will be located within the premier Knox District destination which sets the standard for ‘live-work-play’-ability in Dallas,” said Coe. “The project will be highly amenitized and benefit from a legacy location within the Knox District.”
Located at the corner of Knox Street and Travis Street, the 1.24-acre property offers easy accessibility for commuters and patrons via Dallas North Tollway and the North Central Expressway. The property is also less than 300 feet from Dallas’ prized Katy Trail.
Onsite amenities for office tenants will include a tenant lounge, fitness center and balconies overlooking the Knox District’s renowned upscale dining and retail.
The project is currently 65% preleased. Legal firm Kirkland & Ellis is taking 65,986 square feet in the top three floors of the project and coworking company WeWork has leased 71,598 square feet.
Office demand across North Texas remains high as the region’s strong economic fundamentals and tremendous quality continues to attract new companies and encourage organic growth from established firms. Dallas’s Uptown submarket has solidified itself as a primary business hub thanks in part to its location, walkable environment, top-of-class office offerings and high-quality housing options.
Since 2008, the Uptown Class A submarket has tracked the second lowest vacancy average in Dallas at 15.4%, nearly 5% below the overall average for the entire market during that time (20.2%), according to JLL Research.
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. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.