DALLAS — Read this story and more North Texas business news from our partners at the Dallas Business Journal
Bank of America is set to become the "signature tenant" in a forthcoming office development alongside Klyde Warren Park in Dallas.
Dallas-based firms Pacific Elm Properties and KDC have teamed up to build Parkside, a 30-story tower at the corner of North Harwood St. and Woodall Rodgers Freeway. The 500,000-square-foot office building will sit on a parcel that has long been owned by the Miyama family.
Bank of America (NYSE: BAC) will take down 238,000 square feet at the Class AA tower, which will be renamed as Bank of America Tower at Parkside once the financial institution moves in.
“This site overlooking Klyde Warren Park, amid an abundance of walkable Uptown Dallas amenities, is an ideal space to bring our team together in a central location where they can collaborate on behalf of our clients,” said Bank of America Dallas President Jennifer Chandler in a prepared statement.
“We look forward to being the signature tenant at the Bank of America Tower at Parkside as we provide a great place for our teammates to work as part of our longstanding commitment to Dallas,” Chandler said.
JLL's Andy Leatherman represented the bank in lease negotiations, while Aarica Mims of KDC and Sara Terry of Pacific Elm Properties worked on behalf of their respective employers in the transaction.
About 1,000 employees will move into the space, mostly from 901 Main St.
Demolition is expected to get underway in October. Construction on the new tower, which was designed by Kohn Pedersen Fox, is slated to commence at the end of 2023 with an anticipated delivery set for the first half of 2027.
“We are excited to work with KDC and the Miyama family to deliver this iconic tower for one of the world’s leading financial institutions,” said Jonas Woods, CEO of Pacific Elm Properties, in a statement. “With KPF’s design, luxury amenities and incredible location, this asset will undoubtedly establish the new standard for office space in Uptown Dallas.”
Amenities at the new tower include a 12th-floor sky lobby and lounge and outdoor terraces with pristine vantage points overlooking the over five-acre Klyde Warren Park.
Bank of America will have unimpeded views of downtown and abundant natural light in its space.
“It is a great privilege to work alongside Pacific Elm Properties in the development of this incredible project in an exemplary location across from Klyde Warren Park,” KDC Executive Vice President for Development Eric Hage said. “This project’s start is a testament to Bank of America’s commitment to providing its employees with a best-in-class workplace in an unbeatable location.”
Other key players in the tower include Corgan and OJB Landscape Architecture.
Bank of America is not alone in its move to the scenic Klyde Warren Park area, which bridges Uptown and Downtown Dallas.
JPMorgan Chase & Co. moved its Dallas base from its namesake building in downtown last year to a site just across the street from Bank of America's soon-to-be home.
Nearby, Manhattan-based investment bank giant Goldman Sachs is gearing up to start construction on a more than 800,000-square foot office campus expected to house about 5,000 employees when it opens in roughly three years. The $500 million project, ranking among the largest office developments Dallas has seen in decades, will become the regional base of operations for Goldman Sachs. The Goldman-anchored three-acre campus on North Field Street, developed by Hillwood Urban, is the first phase of a larger 11-acre development spearheaded by Hunt Realty Investments.
Bank of America is based in Charlotte, North Carolina, and is the largest bank in North Texas when measured by deposits. It reported more than $136 billion in local deposits to the FDIC last year.
