Children's signed a 10-year, stair-stepped lease for floorsfive, six and part of seven, with expansion rights to the balance.Based on preliminary discussions, the 20,000-sf balance of theseventh story will be part of the deal by year's end, Bryan Marsh,senior vice president of San Diego-based Equastone, tellsGlobeSt.com. The deal pushes the 20-story Stemmons Place at 2777Stemmons Freeway to 81% occupancy.

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It's the second time in the building's history that Children'shas tipped the scales as the largest deal in the submarket. "Wehaven't seen a deal this size since December 2001 when Children'sdid a deal for 142,000 sf," Marsh says.

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This time, Marsh says the lease bundled a 52,361-sf earlyrenewal with 46,533 sf of expansion space for the headquartersteams of Children's numerous foundations, which will be incontiguous space instead of being dispersed throughout thebuilding. Plus, there are options and first rights for additionalspace if it's needed, he adds. And, there's a top of the buildingsign to be set in place, a marquee statement for a high rise in amedical and bio-medical corridor.

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Finish-out has started on the seventh floor so Children's canhave a training center up and running June 1. The balance of thework will get under way in late summer.

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Stemmons Place was 74% leased when Equastone bought it in August2007. Since then, the Transwestern Dallas leasing team ofReid Caldwell, Kim Butler and Linda Simpson have closed deals withH.E. Butt Grocery Co. of San Antonio, the US Census Bureau,JPMorgan Chase and now Children's. Dallas-based Staubach Co.'sexecutive vice presidents Carl Ewert and Brad Selner and vicepresident Josh White represented Children's, one of the state'slargest pediatric healthcare providers.

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"It's been one of the best jewels we have from the Crescentportfolio. It's really been performing well. Stemmons Place is thebest corporate address in Lower Stemmons, without a doubt,"stresses Clint Harrington, Equastone's executive vice president. "Iam proud of my team's ability to secure such an important lease ina much more challenging economic environment." Its quoted rate is$17 per sf to $18 per sf plus electric.

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