King & Spalding, PGIM Sign at 23Springs as Granite Properties and Highwoods Push Uptown Dallas Tower to 93% Leased

Granite Properties and Highwoods Properties (NYSE: HIW) have signed three new leases totaling 108,127 square feet at 23Springs, their jointly owned Class AA office tower at 2323 Cedar Springs Road in Uptown Dallas, bringing the 642,000-square-foot development to 93% leased as of July 28, 2026.

The new tenants are international law firm King & Spalding, PGIM — the global asset management business of Prudential Financial — and a confidential tenant. The signings come roughly 15 months after the building's April 2025 delivery.

New Lease Details: King & Spalding, PGIM, and a Confidential Tenant

King & Spalding signed the largest of the three leases, taking 52,826 square feet across the entire 12th and 13th floors. The firm's Dallas office will double its existing footprint in the city. King & Spalding is scheduled to move into 23Springs in the second quarter of 2027. John Izard, Carla Williams, Tom Sutherland, and Ryan Hoopes of Cushman & Wakefield represented King & Spalding in the transaction.

PGIM signed a 16,479-square-foot lease for a portion of the 11th floor and is slated to move in during April 2027. Rachel Gorney and Scott Hage of JLL represented PGIM.

A confidential tenant signed a 38,822-square-foot lease covering the entire 21st floor and half of the 22nd floor. Jayme Schutt and Jason Dodson of JLL represented that tenant. Granite's in-house leasing team — Robert Jimenez, Burson Holman, and Elizabeth Fortado — represented ownership across all three transactions.

About 23Springs: Dallas's Tallest Office Tower in Uptown

23Springs is a LEED Gold and Fitwel-certified development comprising a 26-story office tower, two freestanding restaurant buildings, and a half-acre neighborhood park. The tower is the tallest office building in Uptown Dallas. Its six-level parking garage is located underground to preserve the park, walkable streetscape, and restaurant buildings, which are fully leased to Élephante, Little Ruby's, and Torchy's Tacos.

The building's amenities include a two-story, hospitality-driven lobby featuring the LRC coffee and breakfast to-go window, an indoor lounge with a sports simulator, a large conference center and boardroom, a 4,500-square-foot fitness center, an outdoor lounge with full AV-enabled conference facilities, a 26-foot-tall by 47-foot-wide interactive indoor video wall, and a private motor court with valet parking and EV charging stations.

Sustainability and wellness features include 14-foot floor-to-ceiling windows, destination dispatch elevators, indoor air filtration, and green space for outdoor work and meetings. A rainwater harvesting system and low-flow water fixtures reduce indoor water consumption by 50% and energy consumption by 14%.

Located at 2323 Cedar Springs Road, the property carries a walk score of 93, with hotels, restaurants, retail, entertainment, and the Katy Trail within walking distance. The site is within a two-minute drive to the Dallas North Tollway, a four-minute drive to North Central Expressway, a 12-minute drive to Dallas Love Field Airport, and a 23-minute drive to Dallas-Fort Worth International Airport.

Ownership and Market Context

23Springs is a joint venture between Granite Properties, a privately held commercial real estate investment, development, and management company founded in 1991, and Highwoods Properties, a publicly traded office REIT headquartered in Raleigh, North Carolina. Highwoods owns, develops, acquires, leases, and manages properties primarily in what it describes as the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa.

Granite Properties has completed more than $10 billion in real estate transactions and more than 30 million square feet of real estate development and acquisitions. The firm focuses on high-performing office and mixed-use assets in Sun Belt cities including Dallas, Houston, Atlanta, and Denver, and was named NAIOP's 2022 Developer of the Year.

"We are excited to welcome King & Spalding and PGIM to 23Springs and look forward to supporting their success and growth in Dallas," said Paul Bennett, Senior Managing Director at Granite Properties. "Since its completion in April 2025, we're proud that 23Springs has rapidly become a major hub for industry-leading companies. Its leasing velocity reflects the building's high-quality design, prime location, and exceptional work environment."

Flight-to-Quality Demand Drives Leasing Velocity

The 93% leased figure at 23Springs, achieved within roughly 15 months of delivery, comes as the broader U.S. office market continues to navigate elevated vacancy rates. New, top-tier assets in prime submarkets — particularly those with robust amenity packages, sustainability certifications, and strong accessibility — have generally outperformed older office stock, with law firms and financial services tenants among the most active occupiers of newly delivered trophy product.

LEED Gold and Fitwel certifications, along with measurable reductions in water and energy consumption, provide tenants with data points relevant to their own sustainability disclosures, a consideration that has grown in importance for law firms and institutional financial firms evaluating new space.

With the three new leases now signed, 23Springs' remaining available space stands at approximately 7% of the tower's 642,000 square feet.