Compass, a leading name in the upscale residential real estate sector, has announced an expansion of its North Texas operations by way of leasing new office space.
The brokerage, which has $7.1 billion in local dollar volume, signed a lease for 14,000 square feet of office space at 2595 North Dallas Pkwy. It will open next spring within the burgeoning Hall Park development.
“This new office space in Frisco will further deliver on our commitment to providing an exceptional work environment for our agents who are hyper-focused on delivering a high-level service to their clients,” said Bryan Pacholski, senior managing director at Compass, according to The Dallas Morning News.
He claimed the “state-of-the-art facility” will stand as a testament to the firm’s “focus on collaboration and innovation.”
As previously reported by The Dallas Express, the Dallas-based Hall Group revealed its $7 billion project to reconfigure the nearly 30-year-old Hall Park in Frisco this summer. The plans included a new luxury residential high-rise, an office tower, a 224-room boutique hotel, executive suites, restaurants, a community park, and a performing arts center.
The new lease with Compass runs contrary to the struggles seen in commercial real estate lately, especially in office space. Such troubles are typically striking older office towers, with tenants opting to sign leases for contemporary office spaces boasting modernized amenities.
For instance, last week, the Colonnade in Addison, a three-office-building complex spanning approximately 1 million square feet built in the 1980s, was placed under “special servicing” by lenders after Brooklyn-based developer Fortis Property Group LLC failed to service debt payments, as reported by The Dallas Express. It is just one of several Dallas-area properties currently at risk of default.
“Frisco is a vibrant and dynamic community in which Compass agents are thriving,” explained Rachel Hocevar, Texas president of Compass, according to the DMN. “This innovative workspace will elevate the experience of our agents in Frisco while building on the company culture that continues to draw top-producing agents to Compass.”