"I think the market was fairly aggressive for this, but at the same time the market is improving in the Urban Center," Ben Sumner, one of two tenant reps for Stream Realty Partners LP in Dallas steering the search. He says Personnel Decisions International's local decision started out with seven buildings, pared it to five and dug into negotiations to get the best package to stay within the Urban Center bounds. The winner is the 15th floor of the Tower on Lake Carolyn at 909 Lake Carolyn Parkway, which has a quoted rate of $18.50 per sf plus electric.
Personnel Decisions is planning a Feb. 1 move to the 360,815-sf high rise, now about 60% leased. The inbound tenant is leaving about 23,000 on the 17th floor in 600 Las Colinas, but Sumner explains the difference in the office sizes merely is the result of floor-plate efficiency. A renewal was one of the considerations, he says.
Sumner, teaming with Stream's Charlie Otte, secured a long-term, stair-stepped lease that kicks in when the pact expires at 600 Las Colinas. The new office's finish-out and agreed rate both met the market, Sumner says. "I'd say they got pretty aggressive, but not any more so than for any other full-floor user," he adds. Bill Lokey Jr. and John Fancher with CB Richard Ellis Inc. negotiated terms for the building owner, CB Richard Ellis Strategic Partners III LP of Los Angeles.
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