DALLAS-Wachovia Securities is shifting its North Dallas class A office from One Lincoln Centre at 5400 LBJ Freeway to One Galleria Tower at 13355 Noel Road. Move-in will take place before November.
Wachovia Securities leased 10,972 sf in a deal structured by Seth Weinstein and Mitch Wolff, both of Dallas-based Cawley International, and DeDe Willis, vice president of leasing for building owner, Trizec Properties of New York City.
Wachovia Securities has exercised its non-disclosure rights to the deal, keeping all terms under wraps and brokers silent. Wachovia as a tenant in today’s aggressive market undoubtedly had the class A building owners putting lucrative deals on the table.
Trizec Properties has signed four tenants in recent months for the prestigious Galleria complex, positioned in one of the hardest hit submarkets in the metro Dallas area. Julien J. Studley Inc.’s third-quarter stats put the submarket’s vacancy at 30.9% vacancy, a good barometer of just how hard of a battle would be waged by building owners jockeying for a credit tenant like Wachovia. One Galleria Tower, built in 1982, is a 468,744-sf high-rise, with a quoted starting rate of $26 per sf.