Harwood International announces acquisition of The Luminary
July 20, 2022
Harwood International announces acquisition of the Luminary
Harwood International has announced the acquisition of The Luminary, a 169,005 square foot, Class A office building located at the intersection of Harwood District, Downtown, Arts District, and Victory Park in Dallas. The state-of-the-art creative office building was completed in 2019 and is 67 percent leased.
Harwood International’s David Roehm, Executive Vice President, led negotiations of the deal alongside Christopher Cauthen, Vice President of Acquisitions. Harwood International’s Morgan Staub, Vice President of Capital Markets, arranged the acquisition financing. This marks the global real estate firm’s second value-add office acquisition in the past few years; the first being Citymark on the Katy Trail. Having developed over 5 million square feet in the Harwood District, the firm is leveraging its operational leasing and property management expertise to acquire Class A office properties outside of its current portfolio. Cauthen joined Harwood International at the end of 2021 to lead these efforts.
“We are thrilled to acquire an institutionally-developed asset like The Luminary in the urban core of Dallas,” said Cauthen. “We are seeing demand surge for creative space like that offered in The Luminary, which competes as the lowest-priced, Class A new construction in Dallas.”
Leasing will be handled by Harwood International’s Kelly Whaley, Director of Leasing, and Hannah Mesh, Leasing Manager. Harwood International’s Leasing team has maintained over 90 percent occupancy across the company’s existing portfolio and have pre-leased its latest tower, Harwood No. 14, to approximately 70 percent after breaking ground just over a year ago. Harwood No. 14 is scheduled to deliver mid-year 2023.
“Our teams are experts in curating the perfect office environment,” said Cauthen. “The Luminary is authentically designed to meet the evolving office experience, and our best-in-class leasing and management teams are focused on identifying and catering to those needs.”
The Luminary was built “by creatives, for creatives” in 2019 by anchor tenant, Corgan, a leading architecture and design firm. The building’s other tenant includes advertising agency, Lerma. The building stands seven stories at the intersection of two of Dallas’ primary freeways and offers unmatched visibility and views of Downtown and Uptown. Amenities include a rooftop terrace, bike racks, shower facilities, lobby lounge, and 14’ floor-to-ceiling, electronically tinted SageGlass. Harwood plans to add a coffee bar, charging stations, make updates to both the lobby lounge and rooftop terrace, and bring signature tenant events and experiences.
Harwood International has announced the lease expansion of architecture and design firm, Corgan, to reach 100 percent leased at The Luminary.view now