Granite Properties’ 23Springs office tower in Uptown Dallas has reached 74 percent occupancy following three new lease agreements, including with UBS Group AG and Stonelake Capital Partners. UBS will occupy the entire 20th floor of the 26-story building at 2323 Cedar Springs Road, establishing one of its four national UBS Wealth Advice Center hubs.
UBS plans to move about 170 employees into a 26,000-square-foot space this summer. According to a filing with the Texas Department of Licensing and Regulation, the buildout for UBS’s new offices is estimated at $5.6 million and is scheduled to be completed between January and June. These filings provide an early indication of tenant investment but are considered preliminary.
UBS manages approximately $6.6 trillion in assets worldwide and already operates several offices in the Dallas-Fort Worth area, including locations at The Crescent, Plano, and Fort Worth.
Stonelake Capital Partners, a private equity firm currently based at The Crescent, will relocate to about 16,000 square feet on the ninth floor of 23Springs. Another confidential tenant has signed for a 22,099-square-foot space on the tenth floor with occupancy expected in the third quarter.
Paul Bennett, Granite’s senior managing director, said: “The tower’s momentum reflects demand for top-tier buildings in prime locations.” He also noted that additional leases are under negotiation.
Deloitte began constructing its own office within 23Springs last year. The company is building out a 112,000-square-foot space at a cost of $32 million; completion is expected this month.
Granite Properties started construction on the site after acquiring it in 2012 and demolishing existing structures in 2022. Bank OZK provided a $265 million construction loan for the project. Ownership of the building is shared equally between Granite Properties and Highwoods Properties—a real estate investment trust based in North Carolina—which also co-owns Granite Park Six in Plano.
On February 2nd, Little Ruby’s restaurant opened as part of the development’s retail offerings. Other tenants include Élephante and Torchy’s Tacos.
