Enmark Services and Regency Gas Corp. exited 3,500 sf on the 16th floor for the 29th floor, which has been empty for 18 months. The related companies replaced a five-year lease, with a couple years left on the term, with a fresh one at a new rate and a new start date, Jim Yoder, principal for Dallas-based Trammell Crow Co., tells GlobeSt.com. But, he stresses, the duo needed to expand and most likely will need to do so again. The 10,000-sf balance of the floor is waiting, when and if it's needed, with an expansion clause built into the oil and gas companies' contract.
Yoder and Trammell Crow associate Jeff Eckert represent the building owner, F/PD Master Lease Inc., with Credit Suisse First Boston as the main player. Jack Moravcik, senior vice president of Swearingen Realty Group LLC in Dallas, negotiated the terms for the tenant.
Also, McGraw Hill Co. slid its Standard & Poor's team into 5,957 sf, taking a spot on the 16th floor but not the one vacated by Enmark and Regency, Yoder says. The publishing company exited part of its 8,000-sf Lincoln Plaza space, but Yoder plans, as will other building owners' brokers, to make a play for the team that was left behind.
McGraw Hill occupied space emptied nine months ago by Spinnaker Industries. "We backfilled that space pretty quickly," Yoder says.
Trammell Crow Co. leases and manages the high-rise, which has a quoted rate of $16 per sf plus electric. Steve Zimmerman, a Trammell Crow principal, was McGraw Hill's negotiator.
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