Y’all Street’s “it” project is recapitalized, thanks to an investment from Sixth Street.
The San Francisco-based investor provided a structured equity investment for Parkside Uptown in Dallas, according to a release from Sixth Street. The project is being developed by Dallas-based firms Pacific Elm Properties and KDC and investor Miyama USA.
Parkside Uptown, which is being built at 1919 Woodall Rodgers Freeway, will be home to Bank of America. The bank plans to occupy 238,000 square feet of the 30-story, 500,000-square-foot project. Bank of America currently leases 554,000 square feet at Hallmark Center, at 16001 North Dallas Parkway in Addison. The bank renewed its lease in 2024 ahead of the move.
Sixth Street didn’t disclose details of the equity investment. The last loan attached to the project was a $290 million construction loan provided by Goldman Sachs in 2024. The four-year, floating rate loan works out to $580 per square foot. The tower is expected to be completed in early 2027.
Parkside Uptown is part of the $1 billion in office projects coming to Uptown as the country’s top banks look to boost their presence in Dallas. In addition to Parkside Uptown, Hunt Realty is developing a campus for Goldman Sachs nearby. The $500 million office project will consolidate Goldman Sachs employees at its Downtown Dallas, Irving and Richardson locations. The firm’s new Dallas home will be at NorthEnd, an 11-acre mixed-use development that will include offices, retail, apartments and a hotel surrounding a 1.5-acre park.
Top banks’ interest in Uptown underscores the desirability of the submarket. While the broader region struggles with persistently high vacancy rates, Uptown is thriving; it has the highest rents of any submarket in Dallas-Fort Worth, with an overall average gross rent of $62.21 per square foot, according to a recent report from Partners Real Estate.
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