The long-term signing adds 16,500 sf to the media's consultancy's space in the class A office structure at 14185 Dallas Pkwy. In all, Publicis as lead tenant will be taking up four floors, says Dale Ray, vice president of Capstar Commercial Real Estate Services, also located in the 11-month-old building.

The Publicis expansion is a welcome respite for an office market that some claim has dried up as the nation waits for a sluggish economy to speed up, Ray says. And, he tells GlobeSt.com that "it comes at a time when many of the properties in the market are experiencing an increase in sublease space."

Cushman & Wakefield of Texas Inc.'s midyear report confirms Ray's assessment. Sublease space was pegged at 6.5 million sf, with 3.7 million sf sitting vacant. And it's competing heavily with direct space in the wooing of tenants. Leasing activity in the final two months of the second quarter rebounded to offset Q1's negative net absorption. Now, say C&W researchers, is the time to expand... which is just what Publicis did.

Having Publicis as a tenant is a coup since it is the world's sixth-largest communications group and fourth-largest media consultancy and buying group. Founded in 1920, Publicis is headquartered in Paris and has offices in more than 80 countries.

Ray tells GlobeSt.com that he is negotiating two leases that should close within the month. "We have several deals we're working on, from 5,000 sf to 15,000 sf," he says of the marketing effort for the now 55%-occupied building.

Centura Tower Ltd. owns the office building, situated on about 2.2 acres. Developed by Dallas-based MJS Realty Services, the structure is positioned at the corner of Spring Valley Road and the high-traffic Dallas Parkway. Ray represented the building owner and C&W's Bob Edge, vice chairman, and Matt Hiedelbaugh acted on Publicis' behalf.