New Team Takes Over Leasing Duties for 353,113-SF Suburban Portfolio

"We've been talking for a long time to get the opportunity to do some leasing for them," says Buddy Tompkins, leasing director for the Dallas-based Cawley. He tells GlobeSt.com that the assignment wasn't marketed, but Today Realty decided to pull the reins from the John Bowles Co. in Dallas in the wake of a 50,000-sf move-out by First American Real Estate Information Services Inc. "It was an opportunity for the owner to make a transition," he says. "We got it fairly early on as far as its availability."

The John Bowles' team took over the Water's Ridge cluster in midsummer 2004 when CMC Commercial Realty Group opted to outsource the duties for its one-time holding. "We are appreciative of Today Realty's business and look forward to working with them in the future," says Edward Pachecano, director of brokerage services for John Bowles, which is continuing to lease other properties for the investment group.

Tompkins says his first step has been to reclassify the space for the 78,147-sf Corporate Point at 401 E. Corporate Dr.; Corporate Center I at 1801 Lakepointe Dr. and Corporate Center II at 1800 Lakeway Dr, each 55,083 sf; and an 88,000-sf building at 1720 Lakepointe Dr. "They were showing up on industrial lists. I pulled them and immediately put them into office," he says. "They are great-looking, one- and two-story office buildings. I just want them to be treated like office buildings and thought of as office buildings." The fifth building is the 84,800-sf 1725 Lakepointe Dr, flex space that falls to GVA Cawley's Terry Darrow to lease.

Tompkins says the John Bowles team has about 4,000 sf of deals working for the structures, which are managed by Trinity Interests Inc. of Dallas. The new team is taking over with one renewal outstanding--20,000 sf that's at the bargaining table and poised to stay in place. The lead tenant, Verizon Inc., already has re-upped in 1720 Lakepointe.

"The main thing right now is to get these vacancies handled," Tompkins says. The six-year-old buildings are carrying quotes of $10 per sf triple net to $18.75 per sf plus electric.