72,267 SF in Renewals Safeguard CBD Landmark's 91% Occupancy

Trammell Crow Co., an original tenant and developer of the 20-year-old high-rise at 2001 Ross Ave. and building owner, re-upped a five-year lease for 47,000 sf on floors 33 and 34. It wasn't such a matter-of-fact decision for US Trust Corp., which had five buildings in the CBD and Uptown on the short list.

Greg Biggs, Studley's senior vice president and Dallas branch manager, says the nine-year tenant started shopping the market in August 2003. He tells GlobeSt.com that the new full-floor lease with a long term is a straight-up replacement for a 25,267-sf pact set to expire in 2005. The Arts District location, easy freeway access and building sponsorship weighed on the decision to renew, he says. "Economics always has a role in a tenant's decision," he adds, "but I think also if you truly look at buildings that are class AA that they have their own differentiating appeals to tenants."

Trammell Crow Center's quoted rent is $24 per sf to $28 per sf plus electric. The pair of renewals keeps occupancy at 91%.

"They're a terrific tenant and I know the landlord wanted to keep them (US Trust) in their building," Biggs says, careful not to divulge US Trust's terms except to say there are expansion options. The official word in a press release is the deal "took advantage of current market conditions and allowed tenant improvement dollars to retrofit the company's current space." Work begins in the coming months on the 27th floor of the 50-story building.

Affiliates of the Fort Worth-based Crescent Real Estate Equities Co. own the ground lease and mortgage for Trammell Crow Center, which is leased by TCC's Jon McNeil and Matt Craft. Biggs and Ric Kanatzar, a Studley assistant director, represented the New York City-based US Trust, a Charles Schwab-owned company that expanded last year with the buyout of the Boston-headquartered State Street's private asset management business and now has $102 billion in assets under management in 14 states and the District of Columbia. William J. Goodwin, US Trust's regional CEO, and Alfred B. Childs, managing director, managed the leasing process.