Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-A longstanding relationship has shifted control of office buildings in Dallas, Denver and Tampa, with PM Realty Group walking away with leasing contracts for close to two million sf owned by Devon Properties of New York City. The contracts take effect Sept. 1, but the teams are getting their keys today.

“We’ve been working toward this opportunity for some time,” Bernard Deaton, PM Realty’s senior vice president in Dallas, tells GlobeSt.com, “so this did not go into a beauty contest.”

PM Realty’s Jimmy Gunn, executive vice president of property services, is credited with snagging the accounts from Cushman & Wakefield and Insignia/ESG. Gunn explains that the handling of a Houston assignment in March helped solidify the big deal. Some contract terms for the Houston properties–the 350,000-sf Highlands Insurance Building in Westchase and 150,000-sf Exxon building in Greenspoint–were renegotiated as part of the new package that encompasses four buildings in Dallas and two each in Denver and Tampa. Gunn says PM Realty’s building owner focus played a primary role in winning the contracts.

The Dallas properties are 5501 LBJ Freeway, a 12-story, 292,168-sf building that is 99% leased, with AT&T as the lead; 5525 LBJ Freeway, a 115,012-sf, six-story building primarily leased to CSC Corp.; 5429 LBJ Freeway, a 10-story, 232,628-sf, 90%-occupied design with Fujitsu Transactions Solutions as its lead tenant; and 8505 Freeport Dr. in Las Colinas, a 121,928-sf building that’s 60% occupied.

The LBJ Freeway cluster is being eyed for a repositioning into a multi-tenant park since Fujitsu will be moving to Hall Office Park in 2003 and CSC is continuing to shop the market for more space. Of course, CSC hasn’t landed any place so it’s possible it could stay put if the right offer is put on the table. Deaton confides Cushman & Wakefield of Texas Inc.’s Dallas office is continuing its courtship to re-up CSC. Meanwhile, there’s an empty pad at the Las Colinas property that could accommodate a build-to-suit in the 120,000-sf range.

The Denver buildings, situated in the southwest submarket, are the 350,000-sf Cascades and 150,000-sf Cherry Creek Plaza I. In Tampa’s northern tier, it’s the 97,000-sf twins, Bushwood I and II.

Deaton oversees the Dallas quartet while Scott Kuklish of PM Realty’s San Francisco office will handle the Denver buildings and Bob Dukes of Orlando gets the Tampa structures. The Houston-based Gunn is at the helm as account manager.

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?



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 © 2021 ALM Media Properties, LLC. All Rights Reserved.