Texas CPA Society Inks 10-Year Headquarters Lease

The chapter, representing 20 chapters and 27,000 members, signed a 10-year, stair-stepped lease that lifts occupancy to 65% in the 385,619-sf building at 14651 Dallas Parkway, Tom Dyer with BeerWells Real Estate Services Inc. in Dallas tells GlobeSt.com. Word is the Princeton initially was up against 43 other office buildings in the North Dallas area for the headquarters deal, which has been in the market since last January.

The Princeton's space is on the market at $18 per sf, full service. Dyer is keeping the economics close to his vest, but did say "we do recognize what market conditions are." He says the local ownership and renovation plans, which include new landscaping for the park-like setting, were key dealmakers. "Our ability to respond in a short period of time puts us in a great position," he says.

The finish-out proposal is out for bid. "Hopefully, it will be under construction soon," Dyer says. He teamed with BeerWells' Ryan Handler to represent the Dallas owner, Princeton Partners LLC, which is about to redo the landscaping and is making plans for a lobby renovation.

In a press release, Steven Schneider with Grubb & Ellis Co. says the search focused on class A and B buildings with 17,500 sf to 20,000 sf within a two-mile radius of its present location, 14860 Montfort Dr. The short list was pared to eight buildings.

Dyer says the deal effectively "helped us to reintroduce the building to the marketplace." Since the Princeton made it to the finals, Dyer says he's picked up more prospects. "We've been proactive, but we've got a lot more to do," he says, citing an upcoming Citigroup move-out from the second floor. "We've got some interest."