A cold call by a young real estate broker turned into the beginning of a yearslong relationship with a commercial finance firm, with leases snowballing into enough office space to kick off construction on Granite Properties' latest office building at Granite Park in the Dallas-Fort Worth area.
Why it matters: The 19-story, 422,109-square-foot office building, called Granite Park Six at 5525 Granite Parkway, is set to be the largest tower in Plano's Granite Park upon its completion. The pandemic delayed the start of the building's construction, which began in recent months, until Granite Properties signed Stonebriar Commercial Finance as an anchor tenant. It's been nearly five years since Granite Properties built its last building at Granite Park: a 10-story office tower custom-built to house Fannie Mae.
Brokers: Tyler Thomas and Scott Morse of Citadel Partners represented the tenant, Stonebriar Commercial Finance. Robert Jimenez and Burson Holman represented the landlord, Granite Properties.
Going deeper: Stonebriar Commercial Finance CEO Dave Fate founded the commercial finance firm at Granite Park, and he wanted to grow within the 90-acre mixed-use development at the southeast corner of the Dallas North Tollway and state Highway 121 in Plano. But with no options of more than 10,000 square feet of office space available at the popular Granite Park, said Thomas, who helped represent the firm in its various expansions, the company needed to work out a deal for new space with landlord Granite Properties. This was when co-broker Morse's relationship with Michael Dardick, founding partner and CEO of Granite Properties, came into play. He helped assist in a sublease deal, giving a growing Stonebriar the space it needed until the new building is finished in 2023. Thomas said the sublease was crucial to landing the larger anchor lease for the new property. Upon completion of the building, Stonebriar will move into a 52,390-square-foot office, more than tripling its footprint since Citadel Partners began working with the finance firm.
What they're saying: "This was a stamp of approval from a very capable and very well-heeled developer to believe so strongly in this product that they were willing to jump out there and make this financial investment," Morse, managing partner at Citadel Partners, told CoStar News. Thomas, the young broker who proved himself to Stonebriar CEO Fate through persistence and hard work, said, "The commitment of future growth of Stonebriar will only help contribute to the success we've already seen in the Legacy area of Plano."
CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge. A list of judges can be found here and the criteria for selecting winners can be found here.