Office Trio Turns 50,000 SF in Renewals, Expansions

IRVING, TX-The deal making wins long-term leases from longtime tenants in Las Colinas, Fort Worth and Grand Prairie. Two add some extra space to the bottom line while the third re-ups for practically the same amount.

By Connie Gore | April 22, 2003 at 01:01 AM

The Boston-based Bain & Co. Inc. re-upped 25,900 sf in the Towers at Williams Square, putting the 1.4-million-sf high-rise quartet at 85% occupancy, says Mark Dickenson, senior vice president of leasing for Atlanta's Cousins Properties Texas operations. The international business consulting firm has been a tenant in the central tower since 1990.

Dickenson, careful not to crack the confidentiality clause, tells GlobeSt.com that the renewal is a "straight-up" deal for about the same amount of office space. He did say that there are enough deals hanging to push the class A-plus occupancy above 90% in the next 90 days in the quartet of high-rises.

"Bain apparently explored the many options available to a tenant with that kind of reputation," Dickenson says. "Tenants like that don't just look at economics." He says the "class A-plus work environment and the ownership" must share the credit in keeping the tenant's name on the building marquee at 5215 N. O'Connor Blvd.

The Towers at Williams Square is one of two properties owned by TIAA Realty Inc. of Chicago and leased by Cousins in a 2.2-million-sf control of six million sf in the Las Colinas Urban Center. Dickenson represented TIAA. The CB Richard Ellis team negotiating on the tenant's behalf consisted of Hunter Blanks, senior vice president; Ron Evans, vice president; and Brad Hannagan, senior associate.

At City Center in the Fort Worth CBD, Trademark Property Co. renewed and added another 2,000 sf to take the bottom line to 6,500 sf for the headquarters office, GlobeSt.com is told. Trademark has been a tenant since 1986 in the 1.5-million-sf, two-building complex.

Locally based City Center Development Co. used in-house broker, George Duncan, to negotiate the long-term renewal that moves the office from the 30th floor to the 36th in City Center Tower II at 301 Commerce St.

In Grand Prairie, Realty Mortgage Corp., based in Flowood, MS, crafted a new lease for an existing 9,600 sf and rolled in another 10,000 sf for its office at Carrier 360, a 75,000-sf office property at 2080 N. Highway 360. The four-year tenant signed a five-year lease for the Santa Fe-based BGK Equities office building, which is now 85% leased, Kurt Cherry of Houston-based PM Realty Group's Dallas office tells GlobeSt.com.

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