DALLAS – March 1, 2024 – 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 that global law firm, Sidley Austin LLP, has signed a long-term office lease for 118,484 square feet ( 4.5 floors) at 23Springs in Uptown Dallas. The Class-AA, 26-floor, 626,215 square feet office development featuring two restaurant buildings and a park, is slated to becompleted in March 2025. Sidley’s lease signing brings 23Springs to 53 percent leased.
Sidley currently occupies approximately 80,000 square feet of office space at McKinney & Olive, a Class-AA, mixed-use project in Uptown owned by Granite and Highwoods. The law firm required an expansion to accommodate growth, but McKinney & Olive is 100% leased. They will relocate to 23Springs in January 2026.
Sidley was represented on the lease transaction by Craig Wilson, Randy Cooper, and Greg Biggs of Stream Realty. Granite was represented by its in-house leasing team consisting of Robert Jimenez, Burson Holman and Elizabeth Fortado.
“We’re excited Sidley has selected 23Springs to relocate and expand their office,” said Paul Bennett, Senior Managing Director, Granite Properties. “23Springs’ high-quality design and amenities will attract and energize professionals who enjoy Uptown’s vibrant environment. The development’s leasing velocity remains strong and reflects the continued robust demand for premier office space that is exceptionally located and walkable to shops and restaurants,” he added.
Ted Klinck, President and Chief Executive Officer of Highwoods stated, “Today’s lease announcement with Sidley, a company with a reputation for their commitment to positive change, validates our strategic plan of owning the highest quality office buildings in the BBDs of markets such as Dallas with favorable economic and demographic trends. 23Springs is a perfect example of the vision we share with Granite Properties to create extraordinary customer experiences through mixed-use environments, rich amenities, customer-centric service and innovative wellness features – what we call work-placemaking.”
The Sidley Dallas office opened in 1996 and has since grown into a full-service powerhouse, home to more than 120 lawyers and numerous other professionals. The office is co-led by Scott Parel and Angela Zambrano. Sidley has built a reputation as a gateway to the great Southwest by successfully handling complex matters across a diverse range of legal disciplines and industries. This includes serving clients in the areas of Commercial Litigation and Disputes, Private Equity, M&A, Energy, Global Finance, Securities Enforcement and Regulatory, Tax, Capital Markets, Employee Benefits and Executive Compensation, Restructuring, White Collar: Government Litigation and Investigations, IP Litigation, Technology and Life Sciences Transactions, Investment Funds, Aviation and Airlines, FinTech and Blockchain, Healthcare, Global Arbitration, Trade and Advocacy, Labor, Employment and Immigration, and Insurance.
Yvette Ostolaza, Sidley’s Management Committee Chair stated, “We are very proud of our many decades of commitment to the Dallas community and our significant growth in Texas. We draw on our firm’s international reach and top-tier multidisciplinary teams to provide comprehensive advice to clients of all sizes, from independent companies to global market leaders. We are grateful to our clients and to the city that drives great legal work to the DFW community.”
Community and connection are at the center of 23Springs’ design and amenities. This will include a half-acre street level park fostering a communal feel made possible by placing six stories of parking underground. The building’s amenities include:
Wellness-focused, 23Springs will offer a high-end fitness center, a touchless path from the garage to the office, 14-foot floor-to-ceiling windows, clean air technology, destination dispatch elevators, and ample green space to work or meet outdoors. Sustainability features will include a rainwater harvesting system and low flow water fixtures, reducing indoor water consumption by 50% and energy consumption by 14%.
23Springs is designed by GFF, and General Contractor, DPR Construction, kicked off construction in June 2022. The building is located at 2323 Cedar Springs Road across the street from Hotel Crescent Court and Stanley Korshak. The building is also near the Dallas North Tollway, popular restaurants and shops, and the Katy Trail.
Granite’s in-house leasing team is leasing 23Springs.
About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991. The firm owns 11 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 $10 billion in real estate transactions and more than 30 million square feet of real estate development and acquisitions. Current active development projects in Boston, and Dallas total over 1.6 million square feet with total costs over $1.2 billion. Granite focuses on creating extraordinary customer experiences through mixed-use environments, rich amenities, customer-centric service, and innovative wellness features. Granite, NAIOP’s 2022 Developer of the Year, was named one of Fortune Magazine’s Best Workplaces nine times, ranking #8 on their 2022 Best Workplaces in Real Estate list. For more information, visit: graniteprop.com.
About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“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. Highwoods is in the work-placemaking business. We believe that by creating environments and experiences where the best and brightest can achieve together what they cannot apart, we can deliver greater value to our customers, their teammates and, in turn, our stakeholders. For more information about Highwoods, please visit our website at www.highwoods.com.
About Sidley Austin LLP
Sidley is an elite global law firm. With 2,300 lawyers, annual revenue of US$3.1 billion, and experience that spans 158 years, we have established a reputation using Built to Win℠ legal strategies in successfully representing clients in more than 70 countries on complex transactional, investigation, regulatory, and litigation matters.
With 21 offices, strategically situated in key commercial and financial hubs throughout the United States, Europe, and Asia Pacific, our perspective and our reach are truly global. Our lawyers and business professionals, fluent in more than 80 languages, possess the cultural awareness and cross-border legal acumen needed to bring clarity to a dynamic business landscape.