A newly built high-rise in Dallas’ Uptown district has changed hands in what brokers say is the most expensive office sale in the Dallas–Fort Worth area this year. Cousins Properties, an Atlanta‑based real estate investment trust, has purchased The Link at Uptown for roughly $218 million. The 25‑story tower, completed in 2021, totals 292,000 square feet and is about 93.6% leased.
The deal, announced July 31 by Newmark Group Inc., surpasses the previous record set by this month’s sale of Sterling Plaza and underscores strong demand for high‑quality office space in DFW. “This transaction is a resounding endorsement for Dallas‑Fort Worth and a clear indicator of the market’s strength,” Chris Murphy, one of the Newmark vice chairmen who arranged the sale, said in a statement.
Inside The Link
Located at 2601 Olive St., The Link offers panoramic views and an amenity floor with a tenant lounge, fitness center, conference facilities and an outdoor terrace. The Class‑AA building houses a mix of tenants spanning finance, law and advertising, including Houlihan Lokey, McGuireWoods and PMG. According to research firm Yardi, its leases carry a weighted average term of more than nine years.
Kaizen Development Partners built the tower using a US$128.3 million construction loan from Goldman Sachs in 2020 and delivered it a year later. At the time of sale, the asset was encumbered by a $143 million loan from JPMorgan Chase due in 2028. Cousins financed the purchase with excess proceeds from its unsecured bond issuance and the settlement of previously forward‑issued shares.
The record-setting sale comes amid signs of resilience in the North Texas office market. A Newmark analysis notes that Dallas‑Fort Worth ranks first in projected job and population growth through 2026 and boasts one of the nation’s top return‑to‑office rates.
Still, the office sector is navigating a long recovery. A recent JLL report cited by WFAA found that large office users are scouting roughly 7.6 million square feet of space across the Metroplex — the strongest leasing pipeline since 2019 and more than double last year’s 3.3 million square feet. Actual leasing activity, however, slipped from 3.1 million square feet in the first quarter to 2.4 million in the second.
Kaizen isn’t stepping away from Uptown; the developer has started abatement and demolition at a site on Harry Hines Boulevard that could see another office tower as well as condos and a hotel. Cousins, meanwhile, adds The Link to a Dallas‑area portfolio that includes 5950 Sherry Lane in Preston Center and the mixed‑use Legacy Union project in Plano. Collectively, the flurry of deals and development suggest investors are willing to pay a premium for trophy assets even as the broader office market continues to heal.