Texas Capital Bank, the principal subsidiary of Dallas-based Texas Capital Bancshares Inc. (NASDAQ: TCBI), has made a significant expansion to its Richardson operations.
The independent regional banker has expanded its office space in Richardson by more than 40 percent totaling 170,000 square feet of office space at Lakeside Tower at 2350 Lakeside Blvd.
Last year, the bank saw a 50 percent growth year-over-year in the third quarter, reporting a revenue of $32.6 million. Prior to the third quarter, Texas Capital Bank added a full floor to its Richardson office, taking its footprint to five floors of the eight-floor building.
Texas Capital Bank decided to once again expand its offices – about two floors – in Richardson because of the office’s proximity to its employee base and after comparing rental rates in Uptown to Richardson, said Terry Quinn, a founding member of Cresa Dallas and also one of the brokers representing the bank in the real estate expansion.
Quinn and Eddie Tillman of Cresa Dallas represented Texas Capital Bank. Tommy Nelson and Jeff Schweitzer of Stream Realty Partners represented the landlord, TriGate Capital.
Along with the footprint expansion, Texas Capital Bank also extended the terms of its original lease. Terms of the lease were undisclosed. The newly signed lease brings Lakeside Tower’s occupancy rate to 98 percent.
The high occupancy rate is indicative of the Richardson market, which has seen a dwindling amount of Class A office space on the market as tenants from other markets choose to relocate to the city, said Schweitzer, a senior vice president at Stream Realty.
Courtesy of Candace Carlisle
Staff Writer – Dallas Business Journal
Candace covers commercial and residential real estate and sports business.