DALLAS, July 25, 2022 /PRNewswire/ -- Harwood International has announced the acquisition of The Luminary, a 169,005 square foot, Class A office building located at the intersection of Harwood District, Downtown, Arts District, and Victory Park in Dallas. The state-of-the-art creative office building was completed in 2019 and is 67 percent leased.
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Harwood International's David Roehm, Executive Vice President, led negotiations of the deal alongside Christopher Cauthen, Vice President of Acquisitions. Harwood International's Morgan Staub, Vice President of Capital Markets, arranged the acquisition financing. This marks the global real estate firm's second value-add office acquisition in the past few years; the first being Citymark on the Katy Trail. Having developed over 5 million square feet in the Harwood District, the firm is leveraging its operational leasing and property management expertise to acquire Class A office properties outside of its current portfolio.
"We are thrilled to acquire an institutionally-developed asset like The Luminary in the urban core of Dallas," said Cauthen.
Leasing will be handled by Harwood International's Kelly Whaley, Director of Leasing, and Hannah Mesh, Leasing Manager. Harwood International's Leasing team has maintained over 90 percent occupancy across the company's existing portfolio and have pre-leased its latest tower, Harwood No. 14, to approximately 70 percent after breaking ground just over a year ago. Harwood No. 14 is scheduled to deliver mid-year 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 advertising agency, Lerma. The building stands seven stories at the intersection of two of Dallas' primary freeways and offers unmatched visibility and views of Downtown and Uptown. Amenities include a rooftop terrace, bike racks, shower facilities, lobby lounge, and 14' floor-to-ceiling, electronically tinted SageGlass.
Harwood International's acquisition plans are initially focused on Dallas/Fort Worth with an eye towards expanding in other parts of Texas and the Sun Belt region.
"Our Capital Markets team secures $300-$400 million in debt per year across our portfolio," says Roehm. "This acquisition is the first of several to come. We are targeting two to three acquisitions per year going forward and will continue to grow."
The real estate market in 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 desiring a flight-to-quality; whether in one of the firm's acquisitions or a building in its signature Harwood District.
Within its flagship development, the 19-city block Harwood District, the firm has continued extensive progress to its master plan development. In addition to its Harwood No. 14 Class AA office tower, the firm is underway on its own boutique hotel concept, several new restaurants, and prospecting tenants for over six million square feet in development opportunity.
About Harwood International
Founded in 1988, Harwood International is an international real estate firm with offices and developments in select niche markets including Dallas, Geneva, and London's West End. Harwood is organized by four verticals: Asset Management & Leasing, Capital Markets, Development, and Hospitality. The company has received numerous design and community awards, including recognition by ENR for the Best Office Project in the World for its Rolex Building. Please visit harwoodinternational.com for more information.
SOURCE Harwood International