Deal Ticker: Hersh Family, QIP Acquire Design District Office Space

Each week, D CEO Real Estate publishes the region’s top commercial real estate leases, sales, and new developments in its Deal Ticker. Submit your news via this online form.

Sale

Office

Hersh Family Investments (HFI) Capital Management has acquired 1333 Oak Lawn as part of a joint venture with Quadrant Investment Properties (QIP). Built last year, the 10-story Class A property is now named The Capital Design District (The Capital, for short). Amenities include a private tenant lounge, executive conference room, fitness center, and rooftop pickleball court. HFI is moving its office to the building. The property also set to open a ground-floor coastal Mexican restaurant concept this fall, led by Chef Omar Flores, the culinary exec behind Even Coast and Whistle Britches. The building was developed by QIP and Federal Capital Partners (FCP). Leasing agents at Transwestern are marketing to financial, entrepreneurial, and business services tenants. “The Design District’s evolution over the last decade has been striking,” said Ken Hersh, HFI chairman and founder. “It has finally arrived as an important business hub in the city.” Hersh recently stepped down as president and CEO of the George W. Bush Presidential Center, a role he has held since 2016.

Industrial

California-based BKM Capital Partners has acquired a light industrial portfolio in DFW’s Northeast Dallas and Great Southwest submarkets for $60.3 million. The package includes three assets totaling 512,000 square feet. Average current occupancy is 81 percent for the properties. The portfolio was previously owned by TA Realty. The largest asset in the acquisition was the Market Street Distribution Center in Garland, which totals 435,479 square feet across five buildings. BKM has allocated $10.4 million for capital improvements to its new holdings in Dallas and Houston. 

Development

Mixed-Use

Line Design, a new Dallas-based architecture firm, is undertaking a new project in Dallas’ West End with the redevelopment of 805 Elm Street. It involves multifamily, ground-floor retail, and a public plaza, as well as the preservation of two historic buildings. This is a debut project for Line Design, which was established by Adam Jones and Taylor Cell to specialize in adaptive reuse, hospitality, mixed-use, and construction. Previous Dallas projects handled by Jones and Cell include The Statler Hilton, The National, and EpicCentral. 

Industrial

RM Crowe, Foundry Commercial, and Crow Holdings are combining forces to develop a 118,032-square-foot Class A industrial asset at 4250 N Belt Line Road in Irving. The project entails replacing an existing building with a new structure that will include, among other things, 32-foot clear heights. Demolition is slated for this month, with project delivery expected for next summer. Holt Lunsford Commercial will handle leasing for the property. 

Multifamily

The Mix Frisco and StreetLights Residential have kicked off construction of a new multifamily development at Lebanon Road and Dallas Parkway. It’s slated to open in fall 2027, with leasing set to start in the second quarter of that year. Amenities will include coworking lounges, pet wash stations, game rooms, gathering spaces, pools, and a central park. The 112-acre development will be anchored by a Whole Foods. 

Leasing

Industrial

Advanced Circuit Services has leased 98,143 square feet at Marsh Business Park West Building 3 in Addison. The company will take occupancy this month. Rich Young Jr. of Rich Young Co. represented the tenant, and Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, GKI Industrial.

Leadership

The Washburne family, behind high-profile projects such as Highland Park Village, has restructured its real estate operations under one name: Gillon Property Group (GPG). It will manage both legacy and future family investments from a vertical standpoint. The restructuring replaces the management formerly provided by the A.G. Hill family office. Along with Highland Park Village, the firm will focus on its Knox Street interests in Dallas and other properties across the country. GPG is an affiliate of Gillon Capital, led by Hill Washburne. “Our team is dedicated to elevating the standard of real estate stewardship through thoughtful development, operational excellence, and a deep commitment to place-making,” said Heather and Ray Washburne in a joint statement. “We look forward to continuing to maintain and grow our existing properties and partnerships while actively identifying new opportunities in mixed-use, retail, hospitality, residential, and office.”  

Holt Lunsford Commercial has named Lizza Connor senior vice president of client services. Connor will oversee HLC’s client relationship efforts, including client care initiatives, property management, and property accounting. The 20-year marketing and communications veteran will also continue to oversee the company’s marketing, PR, and business development arms. “Lizza brings an innovative approach to client service and engagement,” Founder and Executive Chairman Holt Lunsford said. “Her experience from other industries casts a fresh perspective at HLC and leverages our ability to maximize value for all HLC’s owners, tenants, and investors.” Connor is a member of both TREC and CREW.

The Ritz-Carlton Dallas, Las Colinas, has a new general manager. Guntram Merl will oversee day-to-day operations at the hotel, which recently underwent a $55 million renovation. Merl has been in the hospitality industry for more than 25 years, with career stops in London, Gstaad, Australia, and The Ritz-Carlton, Grand Cayman. He was most recently the manager of The St. Regis Atlanta.