Young Presidents Organization Moving Int'l HQ to Urban Center

The prestigious association signed a 10-year, flat-rate lease for the 10th floor of 600 Las Colinas, Joel Pustmueller, principal in Peloton Real Estate Partners of Dallas, tells GlobeSt.com. The 509,707-sf high rise is now 90% leased for its two-week owner, Prime Income Asset Management Inc. of Dallas.

"It just adds to the headquarters reputation of that building," Pustmueller says. The top headquarters tenants at 600 E. Las Colinas Blvd. are the Archon Group, occupying 130,000 sf, and JPI with 100,000 sf.

The Young Presidents Organization's lease took six months to nail down, according to Pustmueller. "They looked at lots of buildings in the market," he says. "I think they wanted a high-profile, Urban Center location." CB Richard Ellis Inc. senior vice presidents Patrick O'Keefe and Anthony Bolner represented the tenant.

Pustmueller says the organization, with 9,500 members in 75 nations, will get its key in December. Finish-out will begin in the coming weeks on a full floor of shell space that's been sitting empty two years. The high rise's quoted rent is $20 per sf plus electric.

The Young Presidents Organization's executive team inked the lease in sync with the sale of its 41,873-sf headquarters building at 451 S. Decker Dr. in Irving. The asset was brought to market a year ago for $3 million by the CBRE team of Larry Leon, vice president, and David Sours, associate.

Word on the street is the Church of Scientology scooped up the deed to the organization's headquarters building after another contract fell out. Though the use is being kept under wraps, the church's only location in the metroplex is 1850 N. Buckner Blvd., which is home base for its Celebrity Centre Dallas.