DALLAS – December 16, 2022 – Granite Properties, a commercial real estate investment, development and management company, and Highwoods Properties, a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”), announced today they jointly acquired McKinney & Olive, a landmark, mixed-use project in Uptown Dallas, TX. McKinney & Olive offers 507,000 SF of premium office space, 50,000 SF retail space, and a one-acre piazza surrounded by walkable amenities steps from Klyde Warren Park and the Dallas Arts District. Designed by world-renowned architect, César Pelli, the 20-story, Class-AA office building and retail destination is 99 percent leased.
McKinney & Olive’s developer, institutional investors advised by J.P. Morgan Asset Management, was represented in the sale by Andrew Levy and Todd Savage of JLL. Granite will lease the building and its Property Experience Team will provide the property management.
“Granite is delighted to acquire McKinney & Olive with our partners Highwoods. We continue to be focused on growing our firm through acquisitions and developments of high-quality projects in the best submarkets, and this building is a very strong addition to our Dallas portfolio. It embodies the highest quality in architectural design and amenities to offer a compelling and productive work experience to top talent. We look forward to serving our new customers and helping their businesses grow,” said Will Hendrickson, Senior Managing Director, Granite Properties.
Ted Klinck, President and CEO of Highwoods Properties, stated “Together, with Granite Properties, Highwoods is proud to announce the purchase of McKinney & Olive. This landmark office tower is consistent with the Company’s long-term plan to develop a strong presence in Dallas. This beautifully-designed, amenity-rich office building is in a well-established and highly desirable location, which creates compelling and competitive environments where customers can enjoy work-placemaking at its finest.”
McKinney & Olive was delivered in 2016 and consists of a contemporary glass office tower with an outward sloping façade, and a five-story parking garage with a stainless-steel wave design. The LEED Gold certified, and Energy Star rated office building has 10 feet floor-to-ceiling glass walls offering unobstructed views of Uptown and Downtown Dallas. Customers enjoy a variety of high-end amenities, including:
- A two-and-a-half story lobby featuring carrara marble
- A fifth-floor rooftop terrace connecting to a lounge, fitness center, and conference center equipped with business support and technology
- Destination dispatch elevators
- Valet parking, EV charging stations and bike storage
- Conveniences including a market, dry cleaning, auto detail service, and shoeshine service
Enhancing the vibrancy and walkability of Uptown, the building has a lively piazza for customers and the public to gather. The piazza was designed by OJB, which also designed Klyde Warren Park, and includes a variety of shaded seating, landscaped green space, a water feature, and fire pit. The ground floor of the building offers an upscale retail destination featuring Del Frisco’s Double Eagle Steak House, Starbucks Reserve Roastery, Doc B’s Fresh Kitchen, Roti Modern Mediterranean, Mixt, Dry bar, and Cycle Bar. Two additional eateries, Leela’s Wine Bar and Mexican Sugar are scheduled to open Q1 2023.
Spanning 3.1 acres, McKinney & Olive is located at 2021 McKinney Avenue with easy access to the Dallas North Tollway, Woodall Rogers Freeway, I-75, and public transportation. The building is adjacent to The Ritz Carlton and at walking distance from Hotel Crescent Court, Stanley Korshak, popular restaurants and retail, Klyde Warren Park, and the Dallas Arts District.
Granite and Highwoods are also developing 23Springs in Uptown, just four blocks from McKinney & Olive. The Class-AA, 26-floor, 626,215 square feet office development with two detached restaurant buildings and a public park, will be delivered Q1 2025.
About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991. The firm owns 11.5 million square feet of high-quality office space in Dallas, Houston, Atlanta, Denver, Southern California, Boston and Nashville. Granite is an established investor, developer, and manager with a focus on sustainable, highly amenitized projects. It has completed more than $8 billion in real estate transactions and more than 29 million square feet of real estate development and acquisitions. Current active development projects in Atlanta, Boston, and Dallas total over 2 million square feet with total costs over $1.5 billion. Granite focuses on creating extraordinary customer experiences through mixed-use environments, rich amenities, customer-centric service, and innovative wellness features. Granite is NAIOP’s 2022 Developer of the Year, and has been named a Fortune Magazine Great Place to Work for nine consecutive years. For more information, visit: www.graniteprop.com
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index. The Company is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. For more information about Highwoods, please visit our website at www.highwoods.com.
About J.P. Morgan Global Alternatives and J.P. Morgan Asset Management – Real Estate Americas
J.P. Morgan Asset Management – Real Estate Americas is the U.S. real estate investment platform of J.P. Morgan Global Alternatives. With US$73 billion (Gross Asset Value as of September 30, 2022) in assets under management and 180 professionals, the platform offers real estate strategies that span from core to opportunistic and across debt and equity. J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$216 billion in assets under management and more than 800 professionals (as of September 30, 2022), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information, visit jpmorgan.com/am