To make the expansion work, EXCO is vacating 9,000 sf on the 13th floor, holding onto the 23,782-sf 17th floor and picking up the entire 16th floor to boost the 18-story building's occupancy to 90%, Larry Blankenship, senior vice president for Younan Properties Inc. of Los Angeles, tells GlobeSt.com. EXCO has two years left on its original lease at 12377 Merit Dr., he adds. The EXCO expansion opened the door for Younan's team to recently close a 15,000-sf lease for most of the ninth floor with law firm, Loewinsohn & Flegle.
"Both of the full-floor opportunities that we had when we purchased the building are now taken care of," Blankenship says, pointing out the 16th floor was one of the vacancies when Younan bought Chicago-based Equity Office Properties Trust's portfolio last year, taking his Dallas holdings to 2.7 million sf of class A space.
Doug Miller, chairman and principal for the independent energy firm, negotiated the expansion with Celeste Signor, Amanda Farmer and Moody Younger with Grubb & Ellis Co. Blankenship says tenant improvements are ticketed only for the 16th floor. Keys turn July 1.
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