untung99.biz: Newest office tower at the Dallas Cowboys Star in Frisco is scoring with companies

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With the newest building opening its doors in the Dallas Cowboys’ Star development in Frisco, plans are already in the works for another high-rise.

The $1.5 billion, 91-acre mixed-use development on the Dallas North Tollway has been under construction since 2014 and includes the headquarters and training facilities for the professional football team.

Blue Star Land — the real estate firm founded by Cowboys’ owner Jerry Jones — and developer Lincoln Property Co. have almost fully leased the newest 314,000-square-foot office building at 17 Cowboys Way at the tollway. The 11-story glass high-rise started construction in 2021.

“We bult this as a speculative project, and coming out of the gates it was slow until we could actually show the building,” said Blue Star Land CEO Joe Hickman. “As soon as we started turning over the building, the leases started coming.

“We knew there was a lot of demand in this market,” he said. “We are tracking 2 million square feet of deals up here.”

About 93% of the tower is leased to tenants at quoted rents of more than $40 per square foot. The largest tenants include Comerica Bank, financial services firm Cain Watters and Associates, tech firm McAfee, Wells Fargo Advisors and Boingo Wireless.

While some older office buildings along the tollway have recently been challenged to attract tenants, the new building at the Star has only one large space left on the ground floor.

“Up here it seems to me the new and shiny stuff is leasing,” Hickman said. “We are an option for a lot of these companies that are looking at buildings between us and Legacy” business park in Plano.

To appeal to employers who want the latest generation of office space, the new Star building includes a large tenant lounge on the second floor with both indoor and outdoor seating on a balcony. And the building is a short walk from The Star retail center, which has two dozen eateries.

Dallas architect HKS designed the tower and interiors.

The new tower has attracted tenants from as close as nearby Plano and downtown Dallas to companies coming from out of state, said Lincoln Property’s Jake Young.

Young said some of the tenants “are coming out of lesser quality buildings” and want to upgrade following the pandemic.

“They are having trouble getting employees to come back to the office and want a new shiny object with walkability,” he said. “For the first time in my career, I have people fighting over space” if it’s the newest and best quality.

The tower is the first multi-tenant office to open at The Star since the Cowboys’ original headquarters building was completed in the project in 2016. That 400,000-square-foot building north of Warren Parkway was also almost fully occupied when completed. The football team occupies about a fourth of the six-story building.

Blue Star Land and Lincoln Property also built a 350,000-square-foot office building overlooking the team’s practice field that houses a regional headquarters for beverage giant Keurig Dr Pepper.

And The Star developers are building a 15-story office on the tollway that is fully leased to New York-based investment firm TIAA. The $58 million, more than half million square foot high-rise will open next year.

The offices at The Star compete against other new buildings under construction in nearby Hall Park and farther to the south in Plano.

Granite Properties is finishing work on a 19-story office tower in its Granite Park development. In Legacy West just south of State Highway 121 developer Ryan Cos. is building a 400,000-square-foot, 23-story office tower.

“We deem ourselves as the highest quality asset in the market and the tenant demand expresses that,” Young said. “Everybody wants the best, and what The Star has to offer outside of just office space is huge.”

Tenants in the office building can get access to the nearby private Cowboys Club. And the building is a short walk to the Omni Frisco Hotel and the Cowboys Fit fitness center. The office tower is across the street from luxury apartments in the 17-story Twelve Cowboy Way, which is about 95% leased.

Young said most of the office space users come to The Star for the quality of the buildings and the location, but some are drawn to the football team. “They are uber Cowboys fans,” he said.

With the success of the projects so far, the developers are already planning another office tower.

“We are doing our design work and engineering on our next building, which will be approximately the same size as this one — another 300,000 to 350,000 square feet,” Hickman said. “If we get enough interest in the marketplace, we can pull the trigger.”