Harwood International David Röhm, Executive Vice President, led the negotiations of the agreement alongside Christophe Cauthen, Vice President of Acquisitions. Harwood International Morgan Staub, vice president of capital markets, arranged the financing for the acquisition. This is the global real estate company’s second value-added office acquisition in recent years; the first being Citymark on the Katy Trail. Having developed more than 5 million square feet in the Harwood District, the company is leveraging its operating leasing and property management expertise to acquire Class A office properties outside of its current portfolio.
“We are thrilled to acquire an asset developed by institutions like The Luminary in the urban core of dallas“Cauthen said.
The rental will be managed by Harwood International’s Kelly Balleyleasing manager, and Hannah Mesh, Rental Manager. Harwood International’s lettings team maintained over 90% occupancy across the company’s existing portfolio and pre-let its latest tower, Harwood No. 14, to approximately 70% after the inauguration a little over a year ago. Harwood No. 14 is expected to be delivered mid-2023.
The Luminary was built “by creatives, for creatives” in 2019 by anchor tenant Corgan, a leading architecture and design firm. The building’s other tenant includes the advertising agency Lerma. The building stands on seven floors at the intersection of two of the Dallas’ major highways and offers unparalleled visibility and views of Downtown and Uptown. Amenities include a rooftop terrace, bike racks, showers, lobby lounge, and 14-foot floor-to-ceiling electronically tinted SageGlass.
Harwood International’s acquisition plans initially focus on Dallas/Fort Worth with a view to expanding into other parts of Texas and the Sun Belt region.
“Our Capital Markets team secures $300–$400 million of debt per year across our entire portfolio,” says Roehm. “This acquisition is the first in a series to come. We are aiming for two to three acquisitions per year in the future and we will continue to grow.”
The real estate market of Texas continues to be the epicenter of demand, and Harwood International’s deep experience in the Class A and AA office sector is a perfect fit for tenants looking to move towards quality; whether in one of the firm’s acquisitions or in a building of its signature Harwood District.
Within its flagship development, the 19-city block Harwood District, the company continued to make significant progress in developing its master plan. In addition to its AA-class Harwood No. 14 office tower, the company is underway on its own boutique hotel concept, several new restaurants and prospecting tenants for more than six million square feet in development opportunity.
About Harwood International
Founded in 1988, Harwood International is an international real estate company with offices and developments in select niche markets including dallas, Genevaand London West end. Harwood is organized into four vertical sectors: Asset Management & Leasing, Capital Markets, Development and Hospitality. The company has received numerous design and community awards, including recognition by ENR as the best office project in the world for its Rolex building. Please visit harwoodinternational.com for more information.