The $25 million renovation of the Terraces at Solana office campus in Westlake has attracted several new tenants, including Century 21 Mike Bowman, Texas’s largest Century 21 brokerage. The property, located at 1500 Solana Boulevard, is an eight-building complex with a total of 1.1 million square feet. According to Glenstar and Singerman Real Estate, the Chicago-based owners of the property, these new leases have increased occupancy to 80 percent.
Century 21 Mike Bowman previously operated out of a 17,000-square-foot office in Grapevine and will move into an 18,000-square-foot space on the first floor of Building 8 starting in September. Other recent tenants include workforce development company Pluralsight, which relocated its headquarters from Draper, Utah, to a 26,000-square-foot space in Building 6. Defense contractor M1 Support Services is also moving its headquarters from Denton to Building 5 after signing for a similar amount of space.
The renovation completed in 2021 added about 50,000 square feet of amenity space to the campus. These amenities include a restaurant, conference center, gym and covered parking.
“The amenities sealed the deal for Century 21 Mike Bowman,” said president Dave Bowman. “Specifically, the brokerage will be able to host national events in the conference center.”
Recent leasing activity at Terraces at Solana reflects ongoing demand for suburban office locations in Dallas-Fort Worth. Many companies are choosing sites closer to where employees live as part of a broader trend favoring suburbs like Westlake.
Data from JLL indicates that net absorption for North Texas office space was positive halfway through this year and strongest during the second quarter in suburban areas such as Plano, McKinney and Irving’s Las Colinas area (https://www.us.jll.com/en/trends-and-insights/research/dallas-fort-worth-office-insight). However, overall vacancy across Dallas-Fort Worth remains high at around 27.7 percent due largely to unoccupied spaces in older properties built during the ’80s and ’90s (https://www.cbre.com/insights/figures/dallas-fort-worth-office-figures-q2-2024).
CBRE reports that vacancy rates have declined for Class A properties as more companies seek higher-quality buildings with modern amenities—part of an ongoing “flight-to-quality” trend aimed at attracting remote workers back into offices (https://www.cbre.com/insights/reports/us-office-occupier-sentiment-survey-june-2024).
