Montclif and FCP Acquire 200,000-SF Office Building at 2401 Cedar Springs in Uptown Dallas

Montclif and FCP have acquired 2401 Cedar Springs, a seven-story, approximately 200,000-square-foot office building situated at the intersection of Maple Avenue and Cedar Springs Road in Uptown Dallas, the firms announced Sept. 16. The transaction marks the first Dallas acquisition for the venture since Montclif launched in April 2026, and the partnership has outlined plans for a multimillion-dollar repositioning of the property.

Property Overview and Location

Built in 1987, 2401 Cedar Springs Road sits immediately north of The Crescent, adjacent to 23 Springs, and proximate to The Quad redevelopment and the Katy Trail. The building contains 198,456 rentable square feet across seven stories on a roughly 1.01-acre site and was approximately 65% leased at the time of the offering, with a weighted average lease term of 5.4 years.

JLL occupies the building as its Central Region headquarters, providing an institutional anchor tenant. Nuri Steakhouse operates on the ground floor, adding a dining component consistent with the surrounding mixed-use environment, which includes trophy office properties, restaurants, corporate housing, and hotels. The submarket has drawn a concentration of financial services, legal, and professional services firms.

Repositioning Strategy

The venture is planning a multimillion-dollar renovation that includes a completely reimagined lobby experience, a new state-of-the-art conference center, and a renovated lower-level wellness floor. The partnership also intends to implement a hospitality-focused management approach. Additional details are expected in the coming months.

"2401 Cedar Springs is the quintessential value-add opportunity," said Erik Weinberg, Co-Founder of Montclif. "It is a well-located, well-built asset that sits well below its potential, in a submarket that looks nothing like it did five or ten years ago. The clustering of financial services, legal and professional services firms in Uptown Dallas continues to demonstrate the strength, vibrancy and appeal of the location. Because of these attributes, clear rent growth has followed. Our plan is to invest into that momentum and deliver a repositioned building whose experience matches its address."

Jackson Prentice co-founded Montclif alongside Weinberg. The Chevy Chase, Maryland-based firm focuses on acquiring income-producing office and mixed-use properties in major East Coast and Sun Belt markets, pursuing value-add and opportunistic returns through discounted purchases of institutional-quality assets.

Uptown Dallas Market Context

The acquisition targets a submarket where Class A asking rents average approximately $73.60 per square foot, well above the Dallas metro average of roughly $42.86 per square foot and the national average of approximately $45.87 per square foot. Trophy assets in Uptown built since 2015 have commanded rents approaching $100 per square foot on a triple-net basis. Overall average gross rents in the Uptown corridor reached approximately $63.70 per square foot in early 2026, the highest of any Dallas submarket.

The broader Dallas office market recorded positive absorption of 332,300 square feet in the first quarter of 2026, driven in part by large tenant move-ins and expansions in destination submarkets such as Uptown. Overall Dallas office vacancy stood at approximately 24.5% in the second quarter of 2026, down roughly 80 to 100 basis points quarter-over-quarter and approximately 130 basis points year-over-year. The pre-acquisition leasing profile at 2401 Cedar Springs — 65% occupied with an estimated 35% mark-to-market upside — reflects the gap between in-place rents and current Uptown market levels that the venture intends to capture through lease-up and repositioning.

Transaction Advisors and Leasing Team

Jonathan Napper, Bailey Wood, and Rett Daugbjerg of JLL represented the seller in the transaction. Greg Napper and Blake Tyson, also of JLL, arranged acquisition financing on behalf of the buyers. Blake Shipley, James Esquivel, and Ashley Curry of JLL have been retained to handle leasing at the property going forward.

FCP, a subsidiary of Federated Hermes, Inc., is based in Chevy Chase, Maryland, and has invested in or financed more than $14.8 billion in gross asset value since its founding in 1999. The firm invests directly and with operating partners in commercial and residential assets across major U.S. real estate markets.

Sources

FCP — Montclif, FCP Acquire 2401 Cedar Springs in Uptown Dallas