GlobeSt.com EXCLUSIVE: Aetna Re-Ups 298,630 SF in Two Spots

The Hartford, CT-based Aetna occupies 159,185 sf in the class A Stemmons Place at 2777 Stemmons Freeway in Dallas, but is eyeing a one- or two-floor giveback at year's end while holding tight to a 139,445-sf, class B office building at 4300 Senterway Pl. in Arlington's Westway Business Center, brokers confirm for GlobeSt.com. Neither renewal was a sure bet although Aetna reportedly didn't look too hard at other locations.

"We're expecting them to give back two floors," says Virginia Mulkey, leasing director for building owner, Crescent Real Estate Equities Co. of Fort Worth. But, she adds, that too could change before the 10-year tenant's new lease for roughly 80,000 sf goes into effect Jan. 1. Floor plates run about 40,380 sf in the 20-story, 634,000-sf Stemmons Place.

The Aetna signing beds down the largest lease coming due this year in the 83%-leased Stemmons Place, according to Mulkey. Quotes run from $15 per sf to $17 per sf plus electric for the high-rise.

In the Arlington deal, Aetna held onto a five-year address, picking up some cosmetic upgrades as it did at Stemmons Place. The class B lease takes effect Aug. 1.

Thomas Dodge, vice president with Trammell Crow Co.'s Arlington office, says the deals went hand in hand, cornering simultaneous signatures to put the plan into action. The 92%-leased, 493,000-sf Westway park, owned by Principal Financial Group of Des Moines, carries quoted rates of $3 per sf to $12 per sf for a varied mix that includes two 69,104-sf new deliveries.

Dodge teamed with TCC's managing director Scott Krikorian to negotiate the renewal while Mulkey partnered with Crescent's Michael Lewis, senior vice president of leasing, for its end of the interconnected deals. Marti Nemer with Jones Lang LaSalle Inc.'s Dallas office ran the show for Aetna.