"We looked seriously at the market," Sam Hocker, senior vice president in Dallas for Grubb & Ellis Co., tells GlobeSt.com. "It ended up that Renaissance Tower had the best package for them." The attorneys re-upped the same size office in the 1201 Elm St. high rise, but did get "some remodeling" with the new terms, he says.
Hocker and Lee Wagner, a vice president with the brokerage firm, bargained the deal with Mike Toon, a local leasing executive for owner, Chicago-based Trizec Properties Inc. "They were very aggressive in the package that they put together," Hocker tells GlobeSt.com. "It demonstrated their real desire to keep the tenant. The fact that they met the market demonstrated they wanted to keep them."
Aside from the street-savvy rate, Hocker says the law firm's principals were influenced by Trizec's proven, long-time, ownership track record of the 1.7-million-sf, 56-story landmark. The CBD space's quoted rate is $16 per sf to $17 per sf plus electric.
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