The New York City-based law firm of Wilson, Elser, Moskowitz, Edeknab & Dicker not only stays put, but adds another 5,000 sf to take its total to 24,449 sf in the class A high-rise owned by Chicago-based Trizec Properties Inc. The 10-year tenant has signed for another five years in the 56-story high-rise at 1201 Elm St.
Insurance brokerage Swett & Crawford, a tenant since 1994, is holding tight to 15,184 sf until 2006 while Allstate Insurance Co., which has been on the roster since 1998, has recommitted for another 10 years on 12,141 sf.
Calvin Hull of the locally based Billingsley Co. represented the law firm; Michael Caffey of Jones Lang LaSalle's Dallas office negotiated for the insurance company; and Craig Beyer and Bill Boyer, both with Houston-based Trione & Gordon, bargained terms for Allstate. Trizec's Bill Brokaw, director of leasing at Renaissance Tower, did its talking.
All looked around the market before signing the dotted line. "The market is so competitive," Thom Ridnour, Trizec's regional vice president in Dallas, tells GlobeSt.com, "that people aren't going to stay where they aren't happy."
Ridnour nor Brokaw will talk about the terms that are keeping the 1.7-million-sf tower at 89% occupancy. "All owners today are working very diligently to keep their existing tenants," Ridnour says as he guards the terms that closed the deals. The latest round, though, practically closes off the renewal pipeline at Renaissance Tower.
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