The $25 million renovation of the Terraces at Solana office campus in Westlake has attracted several new tenants, including Century 21 Mike Bowman, which is Texas’s largest Century 21 brokerage. The office complex, located at 1500 Solana Boulevard, consists of eight buildings and totals 1.1 million square feet. With the recent leases, occupancy at the property has reached 80 percent, according to Glenstar and Singerman Real Estate.
Century 21 Mike Bowman will move from its previous 17,000-square-foot office in Grapevine to an 18,000-square-foot space on the first floor of Building 8. The relocation is scheduled for September.
Pluralsight, a workforce development company previously headquartered in Draper, Utah, has also signed a lease for a 26,000-square-foot space in Building 6. In addition, defense contractor M1 Support Services will relocate its headquarters from Denton to a similarly sized space in Building 5.
The owners completed a $25 million renovation of the campus in 2021. The improvements added about 50,000 square feet of amenities such as a restaurant, conference center, gym and covered parking.
Dave Bowman, president of Century 21 Mike Bowman said: “The amenities sealed the deal for Century 21 Mike Bowman.” He added that the brokerage will be able to host national events in the conference center.
Recent leasing activity reflects ongoing demand for high-quality office properties in Dallas-Fort Worth suburbs like Westlake. Companies are seeking locations closer to where employees live.
JLL reported that halfway through this year there was positive net absorption in North Texas’s office market; suburban areas such as Plano and McKinney saw especially strong demand during the second quarter (https://www.us.jll.com/en/trends-and-insights/research/dallas-fort-worth-office-insight). However, overall vacancy across Dallas-Fort Worth remains high at about 27.7 percent due largely to older buildings constructed during the ’80s and ’90s (https://www.cbre.com/insights/figures/dallas-ft-worth-office-figures-q2-2024).
CBRE noted that vacancy rates have declined among Class A properties as companies seek out newer spaces with upgraded amenities to encourage employees’ return to offices (https://www.cbre.com/insights/figures/dallas-ft-worth-office-figures-q2-2024).
