Whirlwind Dealmaking Ropes Off 50,300 SF in Trophy High-Rise

The effective occupancy is now 98% in the 1.1-million-sf trophy at 2001 Ross Ave. in Dallas' Arts District, Matt Craft, principal for Dallas-based Trammell Crow Co., tells GlobeSt.com. "We're in good shape," he says, citing the close-out of all 2005 expirations with back-to-back, stair-stepped pacts.

The largest renewal in the just-signed stack takes the Tampa, FL-based Raymond James & Associates to a full floor with a relocation within the building. The financial adviser for the corporate world will move into the 20,562-sf 45th floor from the 35th in late spring or early summer, according to Craft. The 11-year tenant signed an eight-year lease to fill a floor that's been empty nearly two years, he says.

Craft says the Raymond James lease was under negotiations for nine months by an in-house team that eyeballed other CBD buildings in the process. The existing pact was set to expire this year.

The largest newcomer is Challenger Capital Group Inc., a local investment bank, that roped off 10,347 sf on floor 39 for its headquarters. The bank, moving from Cedar Maple Plaza in Uptown, inked a five-year lease. Craft says Challenger Capital, represented by Lance McIlhenny, a VP with the locally based Staubach Co., is significantly expanding with the move, which also is in the works for late spring or early summer.

A pair of newcomers has tapped floor 31 for offices. Cambridge Associates LLC, a Boston-based investment adviser for institutions and private clients, is taking 4,040 sf and the Crow Collection of Asian Arts has signed for 1,359 sf so it can create extra exhibit room in the museum across the street by moving the office. Cambridge opens doors in April for its first Dallas office with a five-year lease brokered by tenant rep, TCC's Patrick Nugent. The office for the internationally acclaimed museum, secured by a five-year pact, will be ready to occupy in late spring or early summer.

One of the building's first tenants in 1984, Brown Brothers Harriman, re-upped for another 10 years. The 7,144-sf office will shift from the 11th floor to the 25th to deliver expansion space for the Baker Botts law firm, which last year signed a renewal and expansion totaling 171,000 sf. Brown Brothers Harriman, also an investment adviser, had Jay Annand, a first VP for CB Richard Ellis Inc., bargaining its terms for the move, which will be completed by late spring. The renewal was stamped about nine months early, according to Craft.

The balance of the deals kept three retailers in 6,911 sf: Dobbs, Express Sundries and Bank of America. All are five-year renewals.

With the leases now filed away, Craft and principal Jon McNeil have flipped the stack to Debbie Woosley, TCC's construction manager. One of the first moves will be to get PriceWaterhouse Cooper's temporary space on floors 14 and 15 ready for occupancy so finish-out can begin on its 131,000-sf renewal and expansion, a high-profile, multiple-floor deal bedded down last fall. Meanwhile, the leasing team will start courting the market to fill the space when PCW's done with it. "We are talking to people right now," Craft says, particularly existing tenants who would like to expand in 2006.

"We solidified our long-term occupancy by renewing over 516,000 sf of core tenants over the past two years providing the catalyst we needed to sign the recent 50,300 sf of new transactions," McNeil says. The high-rise's quoted rent is $27 per sf to $28 per sf plus electric.

Affiliates of Fort Worth-based Crescent Real Estate Equities Co. own the ground lease and hold the mortgage for Trammell Crow Center. Assisting the TCC leasing team were Crescent's SVP Michael Lewis and Kirby White, leasing director.