Diversified Capital of Lakewood, NJ, led by Bruce Stern, has some room in the lease-up schedule since First American has cut a deal to continue paying rent through 2007, Ben Sumner with Stream Realty Partners in Dallas tells GlobeSt.com. First American, as the market knows, is vacating four locations around town for a corporate consolidation into 615,000 sf at 2.5-million-sf Solana campus along Texas 114.. Its lease for 8435 Stemmons Freeway building, which has been renamed to First American Center, was good until 2012 when Diversified bought it in January 2003. The usual early-termination clause has set up the escape.
Sumner is teaming with Stream's Jon Altschuler and Rebecca Cole to find a replacement, either one name or several to fill the class B space. Talks will open at $15 per sf plus electric and can include negotiations for 11 floors of First American's class A furniture and fixtures.
Sumner says the plan is to market the building nationally as well as locally. The structure historically has been a single-tenant building, built in 1971, renovated in 1998 and tweaked again after Diversified bought it. Not only will the lease-up team offering naming rights, but it's also prepared to change its positioning to fill the class B space, according to Sumner. "It's fair to call it a class B, but it's the nicest class B that I've seen," he says.
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