The Union

Dallas, Texas

Pre-Leasing a Mixed-Use Development

The Union is RED Development’s 800,000 SF mixed-use project located in the dynamic Uptown market in Dallas, Texas. It contains a 22-story, 420,000 SF Class AA office building; 90,000 SF of retail including a 58,000 SF national grocery store chain & five restaurants and; 309 luxury, multi-family units. The project delivers on September 1, 2018.

Challenge

  • Achieve a 30% pre-lease in a speculative-product driven market
  • The site had been marketed without traction for an extended period and had become stagnant and was not viewed as a premier option

Strategy

  • Differentiate the project by educating the market on RED Development’s unique place making and restaurant mix expertise
  • RED had already secured a 58,000 SF national grocery store lease which would be built into the parking podium of the project which was a tremendous but misunderstood amenity for the project
  • Re-introduce and re-energize the project to key Tenant and Broker relationships through direct calls and meetings
  • RED was not well known in the Dallas community but are very adept dealmakers. They simply needed at bats with qualified deals

Results

  • Executed leases with an 81,000 SF national law firm and a 58,000 SF regional accounting firm - a 33% Pre-Lease
  • Results achieved through direct calls to logical prospects requesting the opportunity to present. These tenants and their brokers were not previously considering the project