Galleria Four

[MarkL2023]

I searched the forum to see if this has been discussed but I couldn't find anything. There is a sign up on Noel Rd advertising a Galleria Four that looks to be 8-10 floors, if I remember correctly (I saw it two days ago). Does anybody know more about it? I'll try to drive by it on the way home today and get more details like the developer, etc.

Edit: I was told the sign was 3-4 weeks old

[ksig121]

Here's an article from DBJ.

http://dallas.bizjournals.com/dallas/stories/2007/03/05/story10.html

[logan]

yeah, i noticed the sign about 4 weeks ago and put up something on the galleria thread. It looks similar to the other galleria buildings but shorter and maybe fatter. Or maybe thats just cause its shorter.

[carousel]

where is it going up?

[nicnivinfae]

Weren't they going to build a condo tower on the NE side?

[logan]

They were going to build a condo tower but I have heard nothing for a long time. Last year around Jan. they passed out flyers in the office buildings to sale condos and since then nothing.... anyways this new building is going up accross the street i believe next to the Prava suites or whatever they are called.

[Hunter Wadle]

actually this building will occupy the long narrow strip of land next to the galleria parking garage at noel and alpha. (where the sign is located)

[Tnekster]

Fortis Turns Over 1M SF to JLL's Leasing Team
http://www.globest.com/news/976_976/dallas/163385-1.html

By Connie Gore
DALLAS-Solidifying its business with Fortis Property Group, Jones Lang LaSalle's local team has cornered leasing rights to the 731,736-sf Harwood Center in the CBD and proposed 288,000-sf Galleria Tower IV in North Dallas. In recent months, the JLL team has racked up nearly six million sf of office leasing assignments in compete and no-compete scenarios.
The New York City-based Fortis hasn't had a brokerage team in place since May 2006 when it acquired the 36-story, class A Harwood Center at 1999 Bryan St., according to J. Dale Ray, JLL's senior vice president and regional leasing director. The outsourcing decision comes just weeks before Fortis is faced with a 90,000-sf vacancy, of which 73,929 sf is direct space of leaseholder, Novato, CA-based Fireman's Fund Insurance Co. and the balance tied to a sublease tenant. When the dust settles, Harwood Center's occupancy will be 80%.

"There's a need for a group to work on the vacancy that's coming and position it to land the next tenant," Ray says. The 25-year-old Harwood Center underwent a renovation in recent years so that part of the heavy lifting is done. The marketing push will focus on a 130,000-sf contiguous block--part due to Fireman's Fund loss and part attrition. The hook is being set with a $20-per-sf-plus electric rate.

Picking up the preleasing rights to the 18-story Galleria Tower IV is an expansion of the JLL-Fortis relationship, which got under way in February with the 1.4-million-sf assignment for Galleria I, II and III. The fourth tower is planned for a 1.5-acre tract at the corner of Montfort Drive and Alpha Road, where the Galleria mall's parking garage will act as a breezeway between the office space and the upscale

Ray says he's chasing several 100,000-sf to 150,000-sf deals for a lead tenant to jump-start the last tower. The preleasing strategy is aimed squarely at existing tenants in the 95%-leased class AA trio and the immediate neighborhood. "The lower tollway occupancy is very tight right now," he tells GlobeSt.com. "This could be an opportunity for tenants to continue to operate here and get the growth they need."

As JLL chases would-be tenants, Ray says Fortis is pursuing a development partner to joint venture on Galleria Tower IV. If all goes as planned, ground could break in late fourth quarter or early 2008, bringing the class AA office space on line in early to mid-2009. HOK Architects Inc.'s Dallas team crafted the design.

Ray says there is no plan to start the building on a spec basis. "We're optimistic," he says. "And, we're ready for any tenant." The upcoming product is being marketed at $32 per sf plus electric versus the $27 per sf plus electric quote for its sisters.

The Fortis assignment is JLL's third leasing win since mid-July. "We're being recognized as a can-do group," Ray says, "with savvy and hard-chasing leasing."

[dfwguy70]

It is so nice to see this area coming back to life. The Galleria area looks nothing like it did 10-15 years ago. I would go as far to say it was “ghetto” – well, at least the typical Dallas definition of ghetto!

[MarkL2023]

That article is about a month behind.