502 N St. Paul St, Dallas, TX, 75201, US

Harwood Garage

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been exclusively retained to present to qualified investors the opportunity to acquire the leasehold interest in the 100% leased Harwood Garage (the “Garage” or the “Property”), located within the heart of Downtown Dallas. Comprised of 505 parking stalls in a 11-level above-grade parking structure, the Garage is directly adjacent to Harwood Center, a 737,270 square foot office building, where the Omnicom Group is the largest tenant since 2000 and currently the sole user of the Property’s parking spaces. Built in 2018, the Property has been institutionally maintained since construction.

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Attributes

Building area Net

400,000 sf

Number of units

505 units

Year built

2017

Media

Investment highlights

- 100% LEASED THROUGH AUG-2040 BY HARWOOD CENTER;

CURRENTLY LEASED TO INVESTMENT GRADE TENANT OMNICOM (S&P : BBB+) THROUGH SEP-2030 VIA TRI-PARTY AGREEMENT, FULFILLING HARWOOD CENTER'S LEASE OBLIGATION

- COMMITTED TENANT WITH A HISTORY OF 21 YEARS AT THE NEIGHBORING HARWOOD CENTER

- ULTRA-CORE, INFILL LOCATION BOASTING LONG-TERM, FORTIFIED INCOME

- ADVANTAGEOUS GROUND LEASE STRUCTURES WITH AN AVERAGE WEIGHTED LEASE TERM OF 93.8 YEARS

- COMBINATION OF 125K+ EMPLOYEES, 12K+ RESIDENTS, AND AVERAGE PARKING RATIO OF 1:58:1,000 SF* CREATES UNMATCHED DOWNTOWN PARKING DEMAND