A real estate analytics business is moving into the Dallas Arts District.
CoStar Group signed a lease to relocate its local office to Ross Tower, taking the entire 14th floor of the 45-story building at 500 North Akard Street, according to a filing with the Texas Department of Licensing and Regulation first reported by the Dallas Business Journal.
The commercial real estate data giant plans to occupy about 20,400 square feet in the Arts District tower. Renovation work valued at roughly $1.1 million is slated to begin March 6 and wrap up by mid-May, according to the filing. CoStar expects to move into the space this summer, likely in early June, a company spokesperson told the outlet.
TDLR filings often provide an early look at planned office buildouts and tenant moves, though project details can change as plans are finalized.
The move will shift the Arlington, Virginia company’s Dallas office from 750 North Saint Paul Street just about a block away, where it’s been since 2017, according to the outlet. That building was purchased last year by TRT Holdings, the investment firm led by billionaire hotel magnate Robert Rowling.
CoStar’s lease adds a win for Ross Tower, a 1.1 million-square-foot skyscraper at the northern edge of downtown, completed in 1984. The property’s owners secured a $155 million loan extension in early 2024, according to the publication.
Austin-based HPI Real Estate Services & Investments owns the building in partnership with Dallas-based Bandera Ventures and Vancouver-based Second City Real Estate. The group acquired Ross Tower in 2015 and has since poured $20 million into upgrades aimed at keeping the property competitive with newer office inventory, as previously reported in The Real Deal.
Those improvements have included amenity upgrades such as an expanded Starbucks coffee shop and a shared executive boardroom available to tenants in the building. The building features valet parking, a food hall and Dakota’s Steakhouse. The tower is LEED Gold Certified.
Austin-based HPI also has offices in Dallas, Houston and San Antonio. HPI owns properties throughout the Metroplex and handles leasing for Old Parkland Expansion in Uptown Dallas.— Eric Weilbacher
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