Bank of America renews lease of entire buildings in north Dallas

Bank of America Corporation has renewed its entire office lease in Addison.

Financial institution rebranded for another 10 years at 553,800-square-foot Hallmark Center I, at 16001 North Dallas Parkway, Dallas Business Journal reported.

Massachusetts-based RMR Group has owned the building since 2013, buying it on a leaseback. It was completed in 1987 and renovated in 1997. Bank of America will continue to operate in this building after it moves to the upcoming Parkside Uptown office building near Dallas' Klyde Warren Park.

Andy Leatherman and Bret Hefton of JLL represented Bank of America in the lease negotiations, while Rhett Miller and Matt Wieser of Stream Realty Partners represented RMR Group.

The lease extension comes as commercial real estate grapples with changing workplace dynamics and evolving tenant demands. The importance of the region for the banking giant is clear.

Bank of America is the largest financial institution in Dallas-Fort Worth, holding $124.2 billion in local deposits as of last June, according to the most recent FDIC data. Eighteen percent of the bank's 14,000 employees in Dallas-Fort Worth work in Addison, or 2,500 people.

“This renewal is a positive sign for the local economy and underscores the confidence major companies have in this dynamic submarket,” said Stream's Wieser.

The lease extension ultimately aligns with Bank of America's long-term goals, reinforcing its commitment to North Texas even as it prepares to relocate to Parkside Uptown.

Bank of America is moving out of its 500,000-square-foot downtown Dallas namesake tower at 901 Main Street after almost 40 years.

Her name will go to Parkside Uptown, the 30-story, 500,000-square-foot tower at 1919 Woodall Rogers, which occupies 238,000 square feet. This development, by KDC and Pacific Elm Properties, is expected to open in 2027.

-Andrew Terrell

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