Year's Search Ends With Full-Floor Lease

Homefield Financial, backfilling a full floor emptied at the year's start, inked a five-year, flat-rate lease to boost the 509,707-sf 600 E. Las Colinas to 94% occupancy, Joel Pustmueller, partner in Peloton Real Estate Partners of Dallas tells GlobeSt.com. The steady gains from leasing activity, he says, have raised occupancy 10% to date this year and the effective rent by $1 per sf in the past six months for the Denver-based owner, TGS American Realty LP.

Pustmueller says the deal went full circle in 60 days, with the tenant getting a typical finish-out allowance. The building's space is quoted at $18.50 per sf plus electric.

Daryl Mullin, senior director in Dallas for Cushman & Wakefield of Texas Inc., says the search for a regional office began in April 2005. The Homefield Financial team initially focused on North Dallas and west, but then zeroed in on Las Colinas for the easy access to freeways leading to areas where homebuilding construction is running at an all-time high, he explains. He adds that the firm's corporate chiefs have yet to decide if satellite offices will follow suit.

Mullin says Homefield Financial is expected to add up to 200 white-collar jobs to the region with the office opening. He and C&W director Lawrence Gardner represented the tenant while Pustmueller teamed with Peloton's Grant Sumner to package the deal for the owner.