Cushman & Wakefield Arranges Dallas’ Largest Office Lease Renewal of 2024 at Santander Tower

DALLAS, June 27, 2024 – Cushman & Wakefield announced the commercial real estate services firm has arranged a 211,087-square-foot office lease renewal for Santander Consumer USA at 1601 Elm St., also known as Santander Tower. This marks the largest office lease renewal in Dallas this year and largest in Downtown Dallas in the past five years.

As part of the lease renewal, Santander will retain their current naming rights to the building and continue to utilize the space as their headquarters and executive offices.

“Santander is a long-term tenant of Downtown Dallas,” said Erik Laney, Chief Financial Officer at Santander Consumer USA. “We remain an active supporter of the local community and are excited to continue our work here.”

Robbie Baty and Travis Boothe of Cushman & Wakefield represented Santander Consumer USA in the lease renewal negotiations. Landlord, Pacific Elm Properties, was represented by Sara Terry and Reegan Busby of the Pacific Elm Properties in-house leasing team.

“It is a very encouraging sign for the downtown market that Santander, one of the most significant employers in the neighborhood, doubled down on their commitment to the area by extending their lease in Santander Tower for the long-term future,” added Baty, Vice Chairman and Dallas Office Tenant Representation Leader at Cushman & Wakefield.

Santander Tower is 50-story office building spanning 1,402,623 square feet in the heart of Downtown Dallas, boasting one of the most diverse set of amenities of any office building in Dallas. The building, which underwent a transformative renovation in 2017 and 2023, includes two ground-floor restaurants (Fond and Parterre), the Tower Club (a private dining club on the 48th floor), Mint House Hotel (a 60 room boutique hotel on the 49th and 50th floors), a high-end fitness facility, and the Peridot Residences (290 unit luxury apartments on 14 floors).

“We are very pleased to extend our long-standing relationship with Santander as the lead tenant in the building,” said Jonas Woods, CEO of Pacific Elm Properties. “This lease is representative of a growing number of tenants in downtown Dallas who are committed to an urban neighborhood and lifestyle, while also demanding best-in-class buildings, amenities and locations.”