Jonathan Bailey Associates signed a 10-year lease in a deal negotiated by Paul Stockard with NAI Stoneleigh Huff Brous McDowell's Dallas office and Trey Hodge with locally based Retail Plazas Inc. Stockard tells GlobeSt.com that the first-floor space came at a market rate for an architectural landmark with a quoted rent of $17 per sf.
Stockard, who teamed with NAI's Sanders Thompson, says they were tasked with the challenge to "find very unique office space." The 237,643-sf structure, built in 1920, fits the bill with gargoyles at the entrance and interior accoutrements in keeping with its vintage. "It's a great headquarters location for them" he says, adding one year has gone into the space planning.
Bailey expects to occupy the retrofitted space in December, according to Stockard. The architect awarded the finish-out contract to one of its preferred general contractors. The firm now leases about 12,000 sf in Market Ross Place in the West End.
Stockard says telecom companies have been the only tenants so far in the building, owned by Dallas Exchange Ltd., led by Jeffrey L. Olyan, who bought the 2.8-acre property two years ago. The former Federal Reserve Building now is called Carrier Center, a class C asset in a class A location.
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