The Dallas Observer's executive team will take over the 16,940-sf seventh floor of the 128,725-sf, class B-plus office building at 2510 Oak Lawn after a 25-year run in the downtown. The lease, which has been under negotiation nearly nine months, fills space emptied more than a year ago and sets up a full-floor overhaul for a now 93%-occuppied building, Lowrey Burnett with the Gaedeke Group tells GlobeSt.com.
The Observer staff will go from a historic structure at 2310 Commerce St., which underwent an adaptive reuse, to a newer, eight-story building owned by Gaedeke Holdings II Ltd. "It's dramatically different space," Burnett says. "This is a much more streamlined, efficient layout for them." Talks open at the going rate of $17.50 per sf full service.
As for the local owner, Burnett says "this is the first face that we've had in the building that's this large." The deal includes a top of the building sign. Burnett teamed with David Hughes, also with the Gaedeke Group, to negotiate the lease with tenant rep, Mary Bentley of Dallas-based Fischer & Co. The Observer, owned by Phoenix-based New Times Media LLC, has distributes 110,000 copies weekly.
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