DALLAS-Twenty years ago, international law firm Weil, Gotshal & Manges LLP leased space in The Crescent, a class –A office building complex in the Uptown submarket. Weil liked its location so much that, within the past week, the firm re-upped, signing an 87,000-square-foot lease that will keep it in place for another 15 years.
Weil had already renewed its lease at Crescent Court once, in 2003. The just-signed extension gives the tenant the entire third floor of the 100, 200 and 300 office buildings, and the fourth floor of the 300 building. According to a press release discussing the transaction, the lease also takes into account the tenant’s redesign plans and future expansion.
“We have made a long-term commitment to The Crescent that reflects our long-term growth objectives as well as The Crescent’s dedication to world-class facilities,” says Glenn D. West, managing partner of Weil’s Dallas office in a prepared statement. “Our partners wholeheartedly agreed that remaining in The Crescent would best serve our firm’s needs while also delivering premier resources and amenities to meet the current and future needs of our sophisticated global clients. The Crescent and nearby Uptown area have long been the home of prestigious firms, many of whom are our clients, so it makes perfect sense to stay and continue growing here as we look forward to 25 more successful years in Dallas.”
Remaining in the same location wasn’t necessarily a slam-dunk, however. Colliers International vice president Hunter Blanks, who teamed with Colliers’ vice president Charlie Morris to represent Weil, says that other options were evaluated in the Dallas market. Ultimately, The Crescent offered the ideal solution both in terms of practical elements, such as parking, surrounding amenities and ease of transit, as well as in terms of the building’s prestigious image and its solid fit with Weil’s top-tier, global brand,” Blanks comments in a press release announcing the transaction.
Crescent vice president Tony Click represented the building owners in lease negotiations. The Crescent is amixed-use development consisting of 1.1 million square feet of office space in three contiguous buildings and a 164,696-square-foot atrium complex used for upscale retail shops and office space.