The Parkland Health and Hospital System has taken a spot previously occupied by Conoco Oil Co., Jeff Price of Grubb & Ellis tells GlobeSt.com. He says the hospital had been searching for about a year for office space within the immediate area of the main campus.
Conoco's exit of 10,000 sf at Fort Worth-based Crescent Real Estate Equities Co.'s Stemmons Place put a sublease pact into Price's hand during the hospital site search. A deal was struck for Conoco to buy out of its lease and a direct deal done for 14,490 sf at the 19-year-old, 20-story office building at 2777 Stemmons Freeway. It made for a perfect fit since the properties are about two miles apart.
Price and co-broker Steven Schneider brokered a deal that gave Parkland Hospital a discount for the balance of the sublease, which expires in November. Crescent used in-house leasing manager Virginia Mulkey for its side of the talks.
Parkland will use the office for its foundation and HMO Group, both moving off the main campus. The office is being finished out, but an occupancy date has yet to be set.
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