WebTrends Corp. will occupy 58,000 sf at the new downtown Fox Tower office building in a deal worth around $6 million, real estate sources say.

The maker of software that analyzes Internet traffic will occupy the fifth, sixth and 15th floors in the new, 27-story office tower that sits on the old Fox Theater block, caddy corner from Pioneer Courthouse Square. WebTrends co-founder and president Glen Boyd says he chose the building because it has the telecommunications infrastructure to keep pace with the high-use demands of his company.

The Fox Tower lease – said to be a five-year deal at around $20 per sf per year – is in addition to the 52,000 sf WebTrends currently leases in the Pacific First Tower, said Dave Squire, who represented WebTrends on behalf of Grubb & Ellis Co. Mike Holzgang and Scott Madsen, both with Cushman & Wakefield, are the leasing agents for Fox Tower.

The building is now close to 95% leased, according to Holzgang, who says he has “deals on the table” that will soon have the building to 98% leased. Other major office tenants already secured for the building include Paine Webber, Louisiana-Pacific Corp., Black Helterline LLP, CollegeNet, RB Pamplin Corp. and Tumac Lumber Co.

Despite innumerable predictions that the Fox Tower would have trouble leasing up – mostly from representatives of competing projects – movie theater magnate-come-office building developer Tom Moyer says the only real gamble was that the economy would “go sideways” during the past two years of construction.

“If you analyzed the market, the building is at ground zero, so the (underground) parking was going to be a cash cow with all the retail nearby,” Moyer tells GlobeSt.com. “The retail space in the building was also hot from the get go, and with office vacancies low, the only real gamble was the economy.”

The economy came through in spades for Moyer, who says jokingly that he’ll now “go fishing” for a while. As for another office project, Moyer said he’s not averse to a joint development deal like the one he entered into with Hillman Properties to develop 1000 Broadway, where the offices of Moyer’s TMT Development now sit. TMT will move to one of the top floors of the Fox Tower when it opens, he said.

Both office buildings were built on former theater sites owned by Moyer, who held onto the properties when he sold his chain of the theaters to Act III for $175 million in 1989.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.