HQ Tenant Carves Out 30,000 SF in 93-Month Sublease Deal

Hanley Wood LLC, getting a plug 'n play deal with two-year-old furniture, will relocate its headquarters before mid-June to the fifth floor of the Rreef-owned building at 6191 N. State Highway 161. In making the lateral submarket move, the Las Colinas tenant will pick up 4,815 sf in its flight to quality from a class B office at 8600 Freeport Parkway.

"It was aggressively priced, but we didn't dicker back and forth," Art Green, managing director in Dallas for the New York City-based Studley, tells GlobeSt.com. "We realized it was a good deal. They wanted to make a deal and it was a good fit for us." Bill Dowd and Greg Langston with Dillon Corporate Services in Dallas represented Sky Chefs.

Green says the dealmakers shook hands on the Las Colinas Highlands space in November, spending the next several months fine-tuning the documents. Hanley Wood, a media-related company for housing and construction trade events, started to search for expansion space last summer. Staying in place at 8600 Freeport Parkway, where it started out six years ago in 8,000 sf, meant spreading out the team onto two floors to expand, according to Green, who says the initial survey produced 30 office options in the Las Colinas submarket. "They really liked this when they went through it," he says. "It was furnished and it didn't need any significant renovation."

Direct space runs $21.50 per sf in the 200,027-sf Las Colinas Highlands, built just two years ago. Other sublease space in the building is being marketed at $15 per sf plus electric. Green's not saying how much Hanley Wood is paying for its space, but did say that it accomplished the goal of lowering real estate costs, boosting visibility and getting more elbow room.