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DALLAS-Harkinson Investment Corp. of Dallas has snagged a major renewal and expansion on the eve of an exit by a 75,000-sf tenant at 4455 LBJ Freeway. The new deal carries a $2-million renovation by Town North National Bank, a building name change and more promise that the good times might be on their way back to the region.

The familiar 12-story, 300,000-sf structure between Welch and Midway roads officially becomes the Town North National Bank Building. It was being called the 4455 LBJ Freeway Building and before that, Texas Credit Union Center Building.

The bank re-upped its 47,000 sf and rolled in another 18,000 sf. It’s not the largest deal of the year, but it certainly ranks right up there with the quarter’s leaders. And, it’s a 10-year signing for the building owner of record, Dallas Texas Union Ltd.

Town North National Bank is one of the 22-year-old building’s original tenants. Harkinson bought the property two years ago and sunk about $1.5 million into upgrades. Now, the bank is making plans to redo its lobby and office space to the tune of $2 million. The building, president Jeff Harkinson tells GlobeSt.com, is “a B plus heading toward an A.”

It wasn’t a shoo-in deal for Harkinson, John Reap, the bank’s president and CEO, says in a prepared statement. Other building owners’ brokers came courting when it word got out that the bank was looking to expand. Harkinson’s improvements and the upcoming upgrades along with a pledge to make it the owner’s flagship property convinced the bank to stay put.

Reap says the “showplace” space will be ready for the bank’s 30-year celebration later this year. The bank is owned by 42 Texas credit unions. It has a capital base of $28.5 million and assets of $275 million, according to a press release.

Stream International Inc., bought out by Selectron Corp., will exit three floors before the month ends. The firm used the site for a call center for Hewlett-Packard inquiries. Part of the shuttered office’s staff is moving into a Selectron center along Marsh while others have been permanently laid off.

Harkinson says the plan is to get aggressive in marketing the office space, a strategy sure to get a boost from the added upgrades. “We are long-term owners,” he says. “We office here. This is our home and we treat this building as a long-term owner would.” The LBJ building historically has a 98% to 100% occupancy.

The father-son team of Jerry and Tracy Fults represented Town North Bank. For Jerry Fults, it was one of his last deals before his “official retirement” from Kennedy-Wilson International Inc. and one of the younger Fults’ last deals with the firm before he signed on as a director with Cushman & Wakefield of Texas Inc. Pat Haggerty of the Campbell Co. in Dallas also negotiated on the bank’s behalf. Harkinson handled talks for the investment group.

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