The trigger for the change was the move of Jeff Eckert and James Esquivel in early May from CB Richard Ellis' local team to the JLL ranks. The senior vice presidents have been part of the 49-story tower's leasing team since Berkeley Investments bought it in mid-June 2005 for $96 million. CBRE generally doesn't comment on assignment changes. Lincoln Property Co.'s management pact stays intact.
"The ownership group had key people that they felt comfortable with. They like the match with them and with our company," J. Dale Ray II, JLL's managing director in Dallas, tells GlobeSt.com. "We were just very fortunate that they decided to pick it up with us."
Although Ray's not discussing the lease roll, the high rise at 1700 Pacific Ave., now getting a retooled fitness center, is 70% leased right now. "We want to get this building to 95%," Ray stresses. "There are a number of very large deals that could heal this building very quickly." The quoted rate ranges from $13 per sf to $16 per sf plus electric.
Ray says there are several prospects to fill all or part of a 280,000-sf block of contiguous space in addition to other holes in the building. He predicts some decisions will be forthcoming in the third quarter. "It's a hard-working, hard-charging leasing team," he says.
The renovation work added five floors of ready-to-go suites, totaling 125,000 sf of rentable space. Ray says more make-ready plans are in the offing. The suites and the large open block, he adds, mean the team "is hitting on both ends of the market" for the find and sign campaign.
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