National Policy HQ Shifts With 10-Year Lease

The National Center for Policy Analysis just moved into 7,759 sf in the 280,432-sf Banner Place at 12770 Coit Rd., relocating from 7,300 sf in the adjacent North Central Plaza I at 12655 N. Central Expressway. Ed Pachecano with the John Bowles Co. in Dallas tells GlobeSt.com that the deal, 10 months at the bargaining table, volleyed between Equity Office Properties, which oversees the just-vacated address for a San Francisco-based owner, and Gaedeke Landers, a principal in Banner Place's ownership.

"They got a good tenant for a very long time for making some concessions," Pachecano says of a lease with a 2014 expiration date. He says the 21-year-old policy research organization went to market to get "upgraded facilities and a rate more realistic with the current climate...and we accomplished both objectives. This deal would not be possible today." The center, he says, was "in a situation that made sense three or four years ago, but not today."

Pachecano, who's not revealing too much about the final document, says the "deal parameters" allowed for an immediate move-in and a one-year early-out at the neighboring building. Banner Place, which is now 72% occupied, carries a quoted rate of $18 per sf, full service in an office market where negotiations have been shaving 10% to 20% from the base for sometime--just for the average deal on the street. Lowrey Burnett, Gaedeke Landers' leasing agent for the 12-story Banner Place, filled space emptied a year ago by Scarborough, Medline & Associates, an insurance firm that headed to a McKinney Avenue location.