DALLAS-Today’s tenant advantages have pushed early talks and delivered a settlement between the parent firm of seven Dallas radio stations and Fort Worth-based Crescent Real Estate Equities.
KPLX LP, part of the Susquehanna Radio Corp., had four years left on its 39,204-sf pact at Reverchon Plaza at 3500 Maple Ave. in Dallas and now it has 10, says Scott A. Morse of the Morse Co. in Dallas. “We needed some operational issues resolved,” he tells GlobeSt.com of the reasoning behind such early negotiations. He says the stations didn’t want to leave their 16-year broadcast site, but it was time to talk about some non-financial terms.
The lease gives added leverage to Crescent, which has the building on the market. The “best and final offer” deadline expired about two weeks ago, but reportedly no contract has been accepted to date. Mark Gibson of Dallas’ Holliday Fenoglio Fowler LP holds the listing.
Morse says the deal resulted in “everyone walking away with a smile on their faces.” As a result, tenant improvement work is ramping up and will be completed in 60 to 90 days. Morse’s client occupies floors 14, 16 and part of 13 in the 383,000-sf building. The space also houses stations KLIF, KKLF, KPLX, KDBN, KTDK, KTCK and KTBK.
Crescent’s Michael Silliman represented the building owner of record, Crescent Real Estate Funding IV. The tenant is ranked in the nation’s Top 10 radio groups and has, as Morse explains, “a substantial financial commitment” in its Reverchon broadcasting location.