February 18, 2020 – JLL Capital Markets announced today that it has closed the sale and financing of the office and retail components of The Union Dallas, a recently completed, iconic mixed-use development comprising 866,273 square feet within the Uptown submarket of Dallas, Texas.
JLL represented the seller, RED Development, and procured the buyer, KB Asset Management. Additionally, JLL worked on behalf of the buyer to secure the five-year, fixed-rate acquisition loan through Goldman Sachs. Though RED Development sold the property, they will still hold a minority interest in The Union Dallas and will continue to manage and lease the development. The buyer was advised by HC2 Capital.
The Union Dallas successfully integrates an exceptional office experience with luxury living, complimented by a dominant cluster of unique food and beverage options and the area’s first full-service grocer into one immersive experience. The combination of these components has created a dynamic microenvironment that is unparalleled in Dallas. Positioned in the core of Uptown, The Union Dallas is at the convergence of all of Dallas’ thriving districts such as Victory Park, Harwood District and Downtown. Additionally, the iconic property has seamless accessibility to Woodall Rogers Freeway, the McKinney Ave Trolley and the DART Rail station and boasts a Walk Score® of 92.
Completed in 2018, the office tower at The Union Dallas is 94.2% leased to an elite collection of investment-grade and industry-leading tenancy, including Salesforce, Akin Gump and Weaver. The 21 stories of office space are complimented by nine levels of garage parking and market-leading amenities, including a greenspace amenity deck with entertainment space, tenant lounge, a fully equipped conference center and a state-of-the-art fitness facility with locker rooms.
The retail space at The Union Dallas is fully leased and anchored by Uptown’s only full-service grocer, Tom Thumb, as well as the first and only locations in Dallas for restaurant concepts The Henry, North Italia and TacoLingo.