DALLAS– April 4, 2022 –Granite Properties, a commercial real estate investment, development and management company, today announced it is moving forward with 23Springs. Granite has signed a lease with Bank OZK and has closed construction financing with Bank OZK (Nasdaq: OZK) for the project. They will occupy four floors totaling 110,029 SF of the Class-AA, 26-floor, 626,215 square foot development in Uptown Dallas. Contributing to the Uptown experience, 23Springs will feature two restaurant buildings and a street-level park for everyone to enjoy. Construction will start June 2022 with delivery slated for March 2025.
Bank OZK was represented on the lease transaction by Robert Blount of JLL and Granite was represented by Robert Jimenez and Burson Holman of Granite. John Fox of Bank OZK represented Bank OZK, and Bill Sladek and Amanda Gadison of Condon Tobin represented Granite as lease attorneys. Jim Curtin of JLL represented Granite in securing the construction loan through Bank OZK. Lewis Kasner and Marisela Gonzales of Jackson Walker represented Granite as attorneys for the loan and development investment. Nam Tran of Winstead represented Bank OZK on the loan transaction.
Designed by GFF Architects, with DPR Construction as the general contractor, 23Springs will be the largest office building in Uptown upon delivery. The elegant glass tower will feature double X-brace columns while becoming a striking new presence in the Dallas skyline.
“We could not be happier to provide Bank OZK a brand-new regional headquarters in our most recent development in Dallas. Bank OZK’s commitment is a testament to the project, and we look forward to realizing our vision for 23Springs together. The opportunity to expand Granite’s relationship with them, as a customer and as a lender, makes this announcement even more exciting for us,” said Will Hendrickson, Senior Managing Director, Granite Properties. “23Springs will offer engaging experiences through modern architecture, compelling amenities, and green space in one of the strongest submarkets in Dallas. Its multiple social spaces are designed to enhance productivity, connection and community,” he added.
Bank OZK, established in 1903 and headquartered in Little Rock, AR, is a respected banking organization known for its excellent loan and deposit growth, asset quality and earnings, Bank OZK has more than 240 offices in eight states and over $26 billion in assets.
“Bank OZK is thrilled to be moving into 23Springs in 2025. Granite Properties exemplifies the same excellence, innovation and collaboration that Bank OZK strives to live by every day,” said Brannon Hamblen, President of Bank OZK. “The vibrant Uptown neighborhood, coupled with an outstanding suite of amenities and Granite Properties’ excellent reputation, make it the perfect choice for our future home. The opportunity to finance another outstanding project for Granite makes the entire transaction even more gratifying.”
- 23Springs amenities include:
- a two-story hospitality-driven lobby featuring a coffee and wine bar
- an indoor lounge with golf simulator
- a large conference center and boardroom
- an outdoor lounge with full AV-enabled conference facilities
- two restaurant buildings positioned on either side of the office tower; a one-story building designed for several fast casual restaurants with patio seating facing the park, and a two-story building planned for an upscale restaurant
- a half-acre tree-lined park
- private motor court
- valet parking
- six stories of underground parking
- EV charging stations and bike storage
- designed to achieve LEED Silver and Fitwel certifications
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%.
“Bank OZK’s decision to relocate to 23Springs demonstrates their commitment to Dallas, and this new development will enable them to continue to recruit and retain the best talent in the industry,” said Robert Blount, Managing Director of JLL.
23Springs is located on the corner of Cedar Springs and Maple Avenue in Uptown Dallas. Hotel Crescent Court and Stanley Korshak are across the street. The building is also in close proximity of the Dallas North Tollway, popular restaurants and retail, a Whole Foods Market, and the Katy Trail. Granite Properties will begin tearing down the three existing office buildings on the 2.5-acre site in June 2022 to make way for 23Springs.
Granite’s leasing team Robert Jimenez, Burson Holman and Elizabeth Fortado will lease 23Springs.
About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991. The firm owns more than 10 million square feet of high-quality office space in Dallas, Houston, Atlanta, Denver, Southern California, and Nashville. Granite is an established investor, developer, and manager with a focus on sustainable, high-quality 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 $1.7 billion. Granite focuses on creating extraordinary customer experiences through mixed-use environments, rich amenities, customer-centric service, and innovative wellness features. The firm has been named one of Fortune Magazine and Great Place to Work Best Workplaces nine consecutive years. For more information, visit: graniteprop.com.
About Bank OZK
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations with over 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, California, New York and Mississippi. Bank OZK can be found at www.ozk.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.