The Woodland Hills, CA-based wholesale lender will occupy the extra space in mid-July. The series of takedowns started in midyear 2003 when WMC signed a 25,000-sf sublease with IBM Corp. for the fifth floor. Within months, a 10,330-sf direct lease was sealed for a portion of the fourth floor. Now, the lender's taking over the balance of the fourth floor in the 377,639-sf high-rise. WMC Mortgage houses one of three wholesale regional processing centers in the US at the Colonnade III.
Bill McClung, senior director in Dallas for Cushman & Wakefield of Texas Inc., tells GlobeSt.com that the original decision to settle in Colonnade III was rooted in the ability to expand, a move-in that followed an extensive market search of class A properties with turnkey office space. "We felt confident we'd be able to get the expansion space and the landlord followed through on what he said he'd do," McClung says.
The office building, with 74,916 sf empty, is owned by Chicago-based Equity Office Properties. Its quoted rent ranges from $22 per sf to $24 per sf. As for WMC, it got "a market rate," McClung says. "It was a fair rate for both parties."
The C&W team included Susan McClure, director in Dallas, and Carl Muhlstein, senior director in Los Angeles. Equity's in-house broker working the deal was James Esquivel.
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