Quartet Takes Down 24,814 SF of Office Space

The just-signed quartet for 1320 Greenway Dr. in the Las Colinas section of Irving carries terms of three to eight years, Ted Headings with Grubb & Ellis Co.'s Dallas office tells GlobeSt.com. "The good news is we are seeing this resurgence," he says. "The last couple of years has really been an upheaval. Now, the building's been stabilized and we're looking upward and onward."

Aames Funding Corp., based in Los Angeles, took 12,633 sf. It's planning a Jan. 1 move-in as is US Investigations Inc., which is exiting the Dallas CBD for a 4,011-sf spot in the building. Nationwide Internet Services Inc., with two offices in the region, has just moved into 4,581 sf and the Los Gatos, CA-based AlphaSmart Inc. has set up shop in 3,589 sf.

To date this year, Headings says he's renewed 40,000 sf and filled an equal amount of space with new names for the building's current 32-tenant directory. Before the year ends, he says another 15,000-sf renewal will close and he's hoping to land another 9,000 sf in new deals for a now 70%-leased, 10-story building. The latest round of leases lifted occupancy by 10%, according to Headings, who's opening talks with a quoted rent of $14.75 per sf.

Headings says he's floated proposals for 50,000 sf in the past 45 days, some renewals and some new deals. "We've had a lot of rollover in the last couple of years," he says, adding that most expiring leases and tenants seeking early renewals are now put to bed. He says less than 5% of the existing leases will roll in 2005.

Nationwide Life Insurance Co. of Columbus, OH, bought the office building in fall 2002 and completed a renovation in this year's first quarter. Headings credits the renovation, ownership and submarket uptick with the series of back-to-back leases.

Jason Walker and Jeff Schweitzer with Stream Realty Partners LP in Irving represented Nationwide Internet Services. Michael Wyatt, a senior director with Cushman & Wakefield of Texas Inc., brokered terms for US Investigations. Aames and AlphaSmart, used in-house representatives to structure their packages.