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GuideStone Trades in Uptown Dallas HQ for 118,000-SF Lease at Pinnacle Tower

Financial Services Firm to Lease Back Property Short-Term from Goldman Sachs, Crescent Real Estate Before Late Summer 2018 Move to Pinnacle
January 10, 2018
Pictured: 2401 Cedar Springs Rd. in Uptown Dallas.

GuideStone Financial Resources has sold its longtime headquarters building at 2401 Cedar Springs Rd. and leased 117,720 square feet at Pinnacle Tower where the organization will relocate its corporate offices.

Goldman Sachs Asset Management Private Real Estate (GSAM PRE) and Crescent Real Estate bought the soon-to-be vacant 200,000-square-foot, seven-story property that for the last 30 years has served as the corporate headquarters of GuideStone, a Christian-based financial services firm and the financial services arm of the Southern Baptist Convention.

GuideStone, which has fully occupied the Uptown Dallas property since its completion in 1989, will lease back the building on a short-term deal until the company's relocation, scheduled for late summer 2018, is completed. Once finalized, GSAM PRE and Crescent Real Estate will redevelop 2401 Cedar Springs Rd. into an upscale office building to include new technology, modern features, improved building operations and enhanced building aesthetics. Corgan has been named project architect for the redevelopment.

“As one of the best located existing office buildings in Uptown Dallas, 2401 provides unmatched access and convenience to one of the region’s most desirable submarkets. Once the short-term lease ends, the entire building will be available for lease, making this building an incredible opportunity to prospects once we complete the building upgrades as planned,” said John Zogg, managing director with Crescent.

GuideStone's new headquarters building is a 549,170-square-foot, 24-story high-rise located roughly 10 miles north of 2401 Cedar Springs at 5005 Lyndon B. Johnson Fwy. The move to Pinnacle Tower is expected to reduce overhead and cut costs for the firm, and will mark GuideStone's 13th location in Dallas.

2401 Cedar Springs Rd. is located across the street from the Crescent office tower, which includes retail space and Hotel Crescent Court. The property is also only a few blocks from Crescent's The Ritz-Carlton Dallas as well as the company's McKinney & Olive development.

Crescent also acquired a .67-acre site at 2811 Maple Ave. as part of the 2401 Cedar Springs acquisition. Purchased independently from GSAM PRE, Crescent is currently weighing options for the site, which include developing a new apartment complex or boutique office building, or flipping the land outright.

For GSAM PRE, the acquisition marks its 20th office investment, and its fourth in the Dallas market, since 2012. The company owns more than 3.6 million square feet across the U.S.

“Dallas continues to rank among the top metropolitan markets in terms of annual employment growth, driven in part by its attractiveness to a growing, highly educated millennial workforce,” said Joe Gorin, co-head of GSAM PRE. “We believe 2401 Cedar Springs provides an attractive and differentiated office product that is positioned to appeal to office users and their employees."

Jack Crews of JLL represented GuideStone in the sale of 2401 Cedar Springs Rd. J.J. Leonard, Chase Lopez and Sara Terry of Stream Realty Partners represented Pinnacle Tower owners Encore Enterprises and New York Life Insurance Co. in the venture's lease with GuideStone.

For more information on the sale of 2401 Cedar Springs Rd., please see CoStar COMP #4102273.

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