via Jeremiah Johnson, Bisnow
October 23, 2017
Independent electric transmission firm GridLiance is relocating its corporate headquarters to Mandalay Towers in Las Colinas. The formerly Chicago-based company secured a lease of 16K SF on the top floor of Mandalay Towers 3.
GridLiance President and CEO Calvin Crowder said Texas is at the heart of his company’s strategy, and called Texas an epicenter for energy innovation. GridLiance is a subsidiary of Blackstone Group, and the lion’s share of its base of operations lies in the Midwest with public power entities in Oklahoma, Missouri, Kansas, Nevada and, of course, Texas. The company is looking to garner new partnerships and expand into new markets in other states.
Mandalay Towers owner Parmenter just completed a multimillion-dollar renovation of the 800K SF property. Swearingen Realty Group President Dan Paterson represented GridLiance during lease negotiations and said amenities, location and walkability in the area drew GridLiance away from other options in DFW to the urban center in Las Colinas. This has been a common tune sung by the increasing number of new tenants in the area, and Las Colinas continues to net corporate relocation after corporate relocation.
The fruition of developments such as the Toyota Music Factory aimed at turning Las Colinas into a live-work-play area are reportedly a large part of the recent success of the office market. Q3 research from CBRE indicates Las Colinas’ absorption is the second-highest in DFW, behind Far North Dallas, and lease-ups in the area are helping to improve metrowide office market metrics.