The overall DFW office market is the 8th largest in the United States comprising more than 237 million square feet among 1,734 single and multi-tenant buildings. Net absorption in 2006 totaled more than 3.8 million square feet which topped the 3.5 million square feet absorbed in 2005. The table below lists statistics for the DFW market for 2006a10100 N. Central Expressway is prominently located on North Central Expressway, also known as Interstate Highway 75, one of Dallas’ main north – south thoroughfares. The Property is approximately eight miles north of Dallas’ Central Business District. The Expressway has recently completed two major improvement projects. The highway was completely renovated and widened in 1999 in a $600 million project that took several years to complete. In 2005, the “High Five” project was completed which linked North Central Expressway to one of the city’s main east-west highways, the LBJ Freeway (also known as Interstate Highway 635). The primary purpose of the project was to replace the existing three-level partial cloverleaf with a five-level, fully directional interchange. The constant construction during these time periods had a negative effect on the N. Central Expressway’s office market during the late 1990s. However, the completion of the projects and the improvements now serve as a catalyst for growth along North Central Expressway.
In addition to excellent highway access, the Property enjoys proximity to both Love Field airport and Dallas Fort Worth International airport. Love Field is approximately a ten minute drive and is home to Southwest Airlines. Dallas Fort Worth International airport is the world’s third busiest airport and is an easy twenty minute drive from 10100 North Central Expressway. The Dallas Area Rapid Transit (DART) has also constructed a light rail line that has one of its busiest stations located a few blocks from the Property. According to a study by University of Texas Center for Economic Development and Research, property values of buildings near DART rail stations are statistically higher than similar properties not served by DART. In tenant interviews with the Property’s two largest tenants, Perkins & Will and National Resort Management, both mentioned proximity to DART as part of their decision making for choosing their real estate location.
Area Landmarks and Development
10100 North Central Expressway is close to several well known and successful North Dallas landmarks including:
- NorthPark Center Mall – Texas’ largest retail mall is located approximately 1.25 miles south of 10100 North Central Expressway. The Mall is anchored by Nieman Marcus, Nordstrom and J.C. Penney and features more than 2.35 million square feet of retail space. NorthPark Center recently added 110 stores in approximately 260,000 square feet of space, two new parking garages and an AMC 15 Theater. Annual revenues for NorthPark Center are estimated at $1 billion.
- Presbyterian Hospital of Dallas – a 900 bed hospital located a couple of blocks southeast of the Property. The Presbyterian Healthcare System is one of the largest in Dallas. The Hospital has more than 1,200 physicians on staff and offers a full range of care including services for cancer, cardiovascular problems, senior care and women’s services.
- Medical City – a dense medical building campus located a few miles north of 10100 North Central Expressway. Medical City employs approximately 2,000 people and has a wide variety of health care resources. Medical City attracts patients from across the Dallas’ area and serves as a catalyst for a number of medical related businesses in the area.
- Mockingbird Station – a 10-acre, $100 million mixed use project located four miles south of the Property. Mockingbird Station opened in 2001 and is widely considered the market standard for high quality blended use development.
- Park Cities Neighborhood – Highland Park and University Park are two of Dallas wealthiest residential neighborhoods located ten minutes from the Property. This area boasts a median income of $163,000. 10100 North Central Expressway provides an affordable office location for Park Cities’ residents that is easy to reach and avoids the long drive to downtown Dallas and the congestion of nearby Preston Center.