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2026 Q2 Market Research Sprint - Texas Trophy Assets

Apr 16

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2026 Q2 Market Research Sprint - Texas Trophy Assets

Question

Perform a research sprint on three major Texas trophy "seed" assets—23Springs (Dallas), The Waterline (Austin), and Old Parkland (Dallas)—to capture their 2026 delivery status, tenant momentum, and implications for the "Flight-to-Quality" trend.

Method

Synthesized findings using the canonical wiki, structured property data, and web research (April 2026) focusing on leasing momentum, delivery timelines, and structural advantages of ultra-premium assets.

Findings

1. 23Springs (Uptown Dallas)

  • Status: Delivered August 2025; currently stabilizing.
  • Specs: 26-story, 626,000 SF Class-AA office tower (Granite Properties).
  • Leasing Momentum: As of early 2026, the building is 74% leased despite broader office headwinds.
  • Tenants: Anchored by Bank OZK, Sidley Austin LLP, and Deloitte. Recent 2026 signings include UBS (26k SF) and Stonelake Capital Partners (relocating from The Crescent). Asking rents are commanding a premium at ~$85/SF NNN.

2. The Waterline (Downtown Austin)

  • Status: Topped out (August 2025), running ahead of schedule for a late 2026 phased delivery.
  • Specs: 74 stories, 1,025 feet. Will be the tallest building in Texas upon completion.
  • Mixed-Use Composition:
  • Hospitality: 251-room 1 Hotel Austin (opening late 2026).
  • Office: 700,000 SF Class-AA space.
  • Residential: 352 luxury units on the top 33 stories.
  • Capital Structure: Backed by a historic $675M construction loan from Blackstone Mortgage Trust; co-developed by [[Lincoln Property Company]] and [[Kairoi Residential]].

3. Old Parkland East Campus (Dallas)

  • Status: The existing campus is near 100% occupancy, triggering a massive new phase.
  • Expansion (Phase 2): Crow Holdings is developing the East Campus, a 250,000 SF expansion across three new boutique buildings on a 2.5-acre block.
  • Timeline: Construction begins Fall 2026, with delivery targeted for early 2029.
  • Tenants: The campus remains the epicenter for private capital in Texas, anchoring firms like NYSE Texas, Susser Bank, BNY Mellon, and numerous elite family offices.

Gaps

  • Waterline Office Pre-Leasing: Specific 2026 office pre-leasing percentages for The Waterline are not fully public yet.
  • Old Parkland Rents: Given its "walled garden" nature, exact lease economics for the upcoming East Campus expansion remain opaque.

Sources

  • 2026 Q2 Market Research Sprint
  • Granite Properties / Commercial Search (23Springs 2026 data)
  • Lincoln Property Company / Kairoi Residential / SH Hotels (The Waterline updates)
  • Crow Holdings / Dallas Morning News (Old Parkland East Campus expansion)