Germany-based real estate investment manager Union Investment has signed a 15-year lease extension with Texas Capital Bank in Dallas.
The Class A office building located at 2000 McKinney Avenue has been held by open-ended real estate fund Unilmmo: Global since 2016 and has been utilized as the bank’s corporate headquarters since 2008.
With the lease extension, the space occupied by Texas Capital Bank increased by 4,600 square meters to approximately 18,800 square meters and the building will be renamed to Texas Capital Center.
“Dallas is the fifth-largest office market in the U.S. and the fourth-largest metropolitan region in the country. The office building is located in the center of Dallas’s Uptown district, which is one of the city’s most sought-after locations. Texas Capital Bank’s lease extension marks one of the largest transactions of the year in this submarket,” said Ulrich Dischler, head of Asset Management Overseas at Union Investment.
Constructed in 2008, the building provides 41,888 square meters of rental space and is currently 98.5 percent leased. In addition to flexible, modern office space, the building also accommodates two restaurants and a fitness center.
Union Investment’s U.S. portfolio is currently comprised of 33 properties with a total value of approximately EUR 6.5 billion.
Last year, the Hamburg-based real estate investment manager began investing in two new asset classes in the U.S.: grocery-anchored retail and the multi-family market.