The new lease commences in Q3 2010 and Jon Ruff, senior vice president with Bryan Tower owner Spire Realty Group LP says the transaction is the last renewal of a major tenant for the time being. "We're looking ahead to upcoming expirations, but there's nothing imminent," he says.
Bank of New York Mellon has been at 2001 Bryan St. since the late 1990s and will remain on the 8th through 11th floors. Jones Lang LaSalle's Dallas office brokered the transaction.
Ruff tells GlobeSt.com that any kind of office space renewal in today's market is positive. Additionally, "Bank of New York has proven itself to be a leader in its industry," he comments. "Being able to renew a tenant of that quality and credit-worthiness is phenomenal. It speaks well of the building."
Spire Realty Group, with offices in Dallas and Houston, bought the 36-year-old Bryan Tower in 1998 and invested about $30 million in renovations. Occupancy is 86%, with major tenants including Chubb Inc., Baylor Health Care System, Hitachi Consulting Corp. and Chicago Title & Trust Inc.
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