Five-Year Tenants Pen Long-Term Renewals

J. Wright & Associates shopped and then took a five-year package put on the table for 9,787 sf at the Plano Business Center, an 85%-occupied, 128,000-sf office/warehouse at 3001 E. Plano Parkway. The firm, in place for the last five years, re-upped just two months before its pact expired, Todd Noonan with Stream Realty Partners LP in Irving tells GlobeSt.com. He, Chris Jackson and Russ Webb, also with Stream Realty, brokered the renewal for the property owner, a group of German investors. David Creiner and Christy Collins with Jackson & Cooksey in Dallas, represented the tenant for the new deal in a seven-year-old facility with a quoted rate of $8 per sf net.

With about a year left on its pact, five-year tenant Prospera Financial Services renewed 13,360 sf at 5429 LBJ Freeway in a deal packaged by Kurt Cherry and Kathy Mulgrew with PM Realty Group's Dallas office and Stream's Tim Terrell. The PM Realty team, which represented the building owner, Devon Properties of New York City, got a 72-month lease at "a market rate," Cherry says of a 35%-leased, 232,628-sf office building with a quoted rate of $16.50 per sf. "Because of the length of time they had left on the lease, it might have been difficult (to relocate).