Related Cos., a privately owned real estate giant known for projects such as Manhattan’s Hudson Yards, is expanding its presence in Texas with a new office in Dallas.
The New York City-based developer has begun work on a $1 million project to outfit its leased office space on the eighth floor of Maple Terrace at 3001 Maple Ave. in Uptown Dallas, according to a state work permit. Hines completed the building in 2023; it includes an amenity deck and outdoor lounge, exclusive bar and lounge, valet parking and a golf course simulator.
Related Cos.' new office, expected to be completed this fall, could roughly triple its footprint from its existing Dallas office, according to CoStar data. A spokesperson for Related Cos. declined to comment about its presence in Texas to CoStar News.
Related's Dallas office at 2515 McKinney Ave. in Uptown Dallas is for its Related Fund Management division. The fund is hiring for a few finance-related roles at the Dallas office, according to its website.
Related Fund Management manages several investment vehicles that acquire, renovate and operate about 10,000 apartment units, according to the job postings. The entity expects to acquire an additional 5,000 apartment units over the next three years in "high-growth, primary and secondary markets throughout the Sun Belt," the posting added.
Related Cos. also has a small office on Congress Avenue in Austin. The firm has been in Austin for three years.
The real estate giant is in expansion mode, having launched a data center division in March with plans to raise $8 billion for properties that support artificial intelligence. The new division, called Related Digital, had a near-term project pipeline totaling $45 billion when it launched. Dallas-based executive Brent Behrman, who was previously the chief sales officer of CyrusOne, is serving as chief investment officer of Related Digital.
Texas charm
Texas has been a real estate frontier for large U.S. real estate firms with the state's properties attracting investment interest in recent years. Properties in the Dallas area have lured in coastal investors, with the arrival of a New York City-based REIT and Los Angeles-based Regent Properties buying one of the city's tallest skyscrapers in recent years.
Prior to Regent Properties putting Trammell Crow Center under contract, the firm set up its so-called second headquarters in Dallas.
Washington, D.C.-based Carr Properties also made its first foray into Texas with its first investment west of the Mississippi River in Austin in 2021.
The influx of migrating real estate investment matches up with Texas cities' topping the investment rankings with industry groups, such as the Urban Land Institute. Dallas topped ULI's latest annual ranking as the most promising market for property and investor demand in 2025.
Steve Triolet, a senior vice president of research and market forecasting for Partners Real Estate, said Texas has a lot of appeal to real estate investors, with its location in the Sun Belt helping drive investment.
"Between the four major Texas markets, Dallas-Fort Worth, Austin, Houston and San Antonio, the state has everything you could potentially want for commercial real estate investment," Triolet told CoStar News, adding that elevated interest rates and the uptick of natural disasters in states such as Florida and California has investors searching for returns they are finding in Texas.
"Texas isn't alone, with Sun Belt markets largely outperforming the traditional coastal markets from a demand perspective," he added.
From office leasing demand, as illustrated by the recently landed AT&T lease in Richardson, to Toyota Financial taking the entirety of a newly built mass timber building in Frisco, and even from an apartment leasing perspective with North Texas still seeing an influx of residents, Triolet said commercial real estate demand is driving these investment decisions.
"It would be irresponsible for these firms not to look at Texas," he added.
For the record
Entos Design is the architect for Related Cos.' new Dallas office, according to the permit.