The healthcare provider signed a 10-year, flat-rate renewal and expansion for four floors at 5080 Spectrum Center in Addison, Virginia Mulkey, leasing director for Fort Worth-based Crescent Real Estate Equities Co., tells GlobeSt.com. The company, set to fill floors 3, 4, 11 and 12, is getting its name on the building with the reworked lease. Concentra's existing pact was set to expire in February.
Talks began about six months ago with the seven-year tenant, according to Mulkey. "Trammell Crow early on did a very extensive survey and presented it to them," she says, "but I don't think they ever gave serious consideration to moving." John Woolsey with Trammell Crow Co.'s Dallas team represented Concentra, an occupational healthcare provider with 250 medical centers in 35 states.
Mulkey says the negotiations had no real hurdles to overcome. "It always helps when your customer likes the existing location," she says. "That was the advantage we had." In fact, finish-out is nearly done. Page Southerland Page's Dallas office did the office redesign and space planning.
Mulkey has several "sizable deals," totaling 60,000 sf, that will be ready to sign in the first quarter, but the Concentra lease was the last big one for the 2004 roster at the 598,250-sf, 12-story twin towers, which carry a quoted rate of $20 per sf to $22 per sf plus electric. The 76%-leased Spectrum Center is managed and leased by Atlanta-based Cousins Properties Inc.'s Dallas/Fort Worth team. The West Tower, being branded with the Concentra name, while Wachovia has its sign at the top of the East Tower.
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