The Better Business Bureau of Metropolitan Dallas Inc. took 7,400 sf for 10 years on the 38th floor of 1601 Elm St. while the law firm of Erhard & Jennings is lighting 4,207 sf on the 42nd story with a seven-year pact, Charlie Perdue with the Robert Lynn Co. in Dallas tells GlobeSt.com. The deals spun full circle in three months to make way for the start of a condo conversion on the 33-story 1600 Pacific Ave. The only tenant left is the General Services Administration, which could have construction going on around its 8,000-sf office in the not-too-distant future, according to Perdue.
Perdue says it wasn't planned that the 1600 Pacific duo would end up in the same building. "It's just coincidental that it worked out that way," he adds, citing budget considerations for both tenants and Thanksgiving Tower's owner being "able to achieve the goals." The BBB held to the same size office while the law firm boosted its bottom line by 1,000 sf, he says.
Perdue partnered with Chris Schupp to represent the BBB while going it alone as the law firm's tenant rep. Preston Young with Stream Realty Partners LP of Dallas bargained the deal for Thanksgiving Tower's owner, Morgan Stanley of New York City. Office space in the 1.4-million-sf tower, which has 822,199 sf empty, is the market for $18.50 per sf plus electric, according to the North Texas Commercial Association of Realtors' database.
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