Douglas Center is a 400,000 SF class A office project in Dallas’ Preston Center. HPI-led partnership acquired the project in April 2020.
The Opportunity
At purchase the building was 74% leased and achieving below market rents. HPI Oversaw redevelopment of lobby in 8333, new fitness center in 8333, a spec suite program, new conference center in 8343, and partnered with local coffee shop to open a location in the lobby.
The Solution
New, energetic leasing and management team was able to immediately raise rates on renewals and new deals. Building occupancy was brought to 92% in 14 months and rates were increased by 20%. Two of the largest tenants were renewed for long terms and increased rates over 25%.
Occupancy Increase in 14 Months: 18%
Increase in Renewal Rates: 25%
Increase in Rates During a Pandemic: 20%
Authors:
As the Dallas Partner, Hunter is responsible for overseeing Dallas’ day-to-day operations and business developments including property acquisition, development, and operations, with a focus on office and industrial assets. Hunter joined HPI in July of 2015 and has been responsible for overseeing HPI’s office leasing and management services in Dallas since then, and has also been involved in sourcing office investments in the DFW Metroplex. Since the inception of the Dallas office, Hunter has been instrumental in HPI’s growth from 3 employees to almost 70 employees as of October 2022. He is an active member of Watermark Community Church, and is a steering committee member of The Real Estate Council’s Programs Committee. Prior to joining HPI, Hunter was with CBRE for over five years. Hunter was born and raised in Canyon, Texas before attending Baylor University. He resides in central Dallas with his wife Tayler, their son Meyer and their daughter Sloan.
Dallas , Texas 75225
Ben joined HPI’s Dallas leasing team in 2018. With a sole focus on office assets, Ben serves as Vice President for HPI’s Dallas portfolio and third party clients, ranging from institutional investors to local property owners. Prior to joining HPI, Ben played professional golf in the United States and South Africa, where he is originally from. Ben is actively involved in the community, serves on the board of Viola’s House and is a member of TREC and NTCAR organizations. Ben graduated with a BBA Finance degree from Henderson State University where he earned a golf scholarship. He resides in Dallas with his wife Megan, and their son Max.
Dallas , Texas 75225
Luke joined HPI’s Dallas leasing team in 2018. With a sole focus on office assets, he serves as Director for HPI’s Dallas portfolio and third-party clients. Prior to joining HPI, Luke worked at Dimensional Fund Advisors where he produced performance attribution analyses to support sales activities for the Regional Director of Texas. Luke uses his finance background and market intelligence to provide value for clients, ranging from institutional investors to local owners. Luke was born and raised in Austin, Texas before graduating from TCU with a degree in Finance. Luke resides in Dallas with his wife Kate and is an active member of TREC, NTCAR, YPO Next Generation and Touchdown Club.
Dallas , TX 75225