Class A Leasing Rally Makes 91,241-SF Dent

Telvista Co. cornered the largest block, moving in as soon as possible to 30,000 sf of sublease space in a deal struck with Nortel Networks for 19111 Dallas Parkway in Plano. The space, empty for nearly a year, was filled last weekend, a Telvista contact tells GlobeSt.com.

Telvista, a Dallas-based outsourcing firm for IT customer services, made the move in sync with a lease expiration at an 80,000-sf office building at 18325 Waterview Parkway, a building picked and leased to Telvista's one-time parent, CompUSA. When Telvista broke away, the lease was reassigned, according to the contact.

The "rightsizing" move has shifted part of Telvista's contact center staff to a flagship location at 1221 Coit Rd. in Plano. About 110 employees are housed in the Nortel space, sharing a building with ClearWire Technologies, Transcore, Intermac and NextiraOne. Cushman & Wakefield of Texas Inc. represented Telvista in the talks with Nortel. Trammell Crow Co. manages the building for owner, Ohio State Trust.

At Occidental Tower, Vision Reinsurance Intermediaries Inc. signed a five-year lease for 8,535 sf to corner premier office space that's been empty for about nine months in the 5005 LBJ Freeway high-rise. Covenant Construction of Dallas is hard at work on the finish-out, which will be done in time for an April 18 move-in, says Robert Powell of Grubb & Ellis Co.

Vision Reinsurance, an Occidental Tower tenant for the last two years, needed expansion room so a deal was cut to gain another 3,100 sf and move from the 10th floor to the seventh into offices emptied by Software AG. "They left behind some desirable space," Powell says, noting the building has now hit 90% occupancy.

The law firm of Olson, Nicoud &Gueck inked a seven-year lease for 6,676 sf at One Main Place, an 80%-leased high-rise at 1201 Main St. in Dallas. The firm is eyeing a June 1 occupancy. Again, the space has been dark since last fall.

Aggressive tactics took the win from a short list of three, Grubb & Ellis' Tom Ligon tells GlobeSt.com. "I think any deal that's done today is pretty aggressive," he says, keeping to the confidentiality pact about the closing price.

Ligon and Grubb's John Kappus represented the building owner, RAK Main Place Associates LP. Alan Thomas of Swearingen Realty Group in Dallas brokered the terms for the tenant, who will be exiting Chase Tower at 2200 Ross in the Dallas CBD. Crocker & Reynolds of Dallas has been hired to complete the finish-out.

Already in the door at 14850 Quorum is Fuel Rewards, which took 8,836 sf, in an "as-is" deal, with a medium term, at the CMD Realty Investors-owned office building. John Bowles of the John Bowles Co. in Dallas represented Fuel Rewards, which took over space emptied last year by Object Space.

Homecoming Financial, a division of GMAC Mortgage, doubled its office to 18,781 sf in at 14850 Quorum by jumping floors and moving into more of Object Space's space, says Bob Gibbons, vice president and regional manager for CMD Realty's southern region.

Jason Gage of GM Worldwide Real Estate negotiated the five-year lease for the 86,646-sf building's longtime tenant. Michael Bowles, Mike Huge and David Hughes, all with the John Bowles Co., represented the Chicago-based CMD Realty Investors in the deal making that boosted occupancy to 90%.

Transcoastal Corp. moved into 5,005 sf at Dominion Plaza, a 318,695-sf, two-building office complex along Preston Road in Dallas. The five-year lease pushed occupancy to 65%, Gibbons says.

An aggressive attitude is what it takes these days, Gibbons and his peers say. "If there's a landlord not willing to get aggressive, then they aren't doing deals," Gibbons matter-of-factly admits.

The team doing the talking for the Dominion deal was Gregory A. McLane of Swearingen on the tenant's side of the table and Greg Hoffman and Mike Pierre, both with Wilcox Realty Group, on CMD Realty's side.

At 3100 Monticello in Highland Park, the law firm of Bush, Craddock and Renenker re-upped, rolling in a slight expansion, for 10,308 sf. Jay Annand of Insignia/ESG's Dallas office bargained for the tenant while Rick Rensi, also I/ESG, represented the building owner, Ashford American Properties of Dallas.