Piedmont Office Realty Trust has appointed Stream Realty Partners as exclusive leasing agent for The Connection, an office campus totaling 607,237 square feet in Irving, Texas. The Class A, three-building property is within the Las Colinas submarket of Dallas-Fort Worth.
Executive Vice President & Partner J.J. Leonard, Senior Associate Patrick Cruz and Managing Director Doug Jones with Stream Realty Partners’ Dallas Office division will handle leasing at the property.
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The Connection, formerly known as Las Colinas Connection, includes the 231,681-square-foot building at 6031 Connection Drive, the 223,470-square-foot building at 6021 Connection Drive and the 152,086-square-foot building at 6011 Connection Drive.
The nine-, seven- and six-story properties feature floorplates between 27,464 square feet to 33,073 square feet, passenger elevators, on-site property management and a total of 2,089 parking spots. Amenities at The Connection include a conference center, a tenant lounge, outdoor patios, a fitness center and multiple services, such as shuttle services.
The current ownership bought the three buildings in a $124.8 million portfolio deal in 2022 from CarrAmerica Realty, according to CommercialEdge. Tenants at The Connection include Cardinal Financial Co., Epsilon Data Management and Gartner Inc., among others, the same source shows.
The approximately 20-acre office campus provides easy access to the Dallas metro, being close to Texas State Highway 114 and 183, as well as to interstates 635 and 35. Dallas Fort Worth International Airport is within 6 miles from The Connection, downtown Dallas is within 15 miles and Fort Worth, Texas, is within 27 miles.
High vacancy rates across Texas metros
The office sector continues to struggle with high vacancy rates, a recent CommercialEdge report shows. The national office vacancy rate as of November reached 19.4 percent, marking a 120-basis-point year-over-year increase. The Metroplex had a 23.9 percent vacancy rate, representing a 500-basis-point uptick while also being among the highest in the South region. Houston had a slightly higher rate at 24.2 percent, while Austin, Texas, recorded a 27.7 percent average vacancy and a 650-basis-point increase—the highest in the U.S.
However, several significant office leases still closed in Dallas-Fort Worth metro. A recent deal is Merit Energy Co.’s 104,034-square-foot leasing agreement at Two Lincoln Centre. The tenant will relocate its headquarters at the 620,000-square-foot office building, owned by Nuveen Real Estate.
Another significant deal is Bank of America’s 553,799-square-foot renewal in Addison, Texas. The tenant signed a 10-year deal at Hallmark Center I, with Stream Realty Partners representing landlord Office Properties Income Trust.
