X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-An 11-month race for a 65,061-sf international headquarters lease has ended with the longtime tenant’s existing building owner crossing the finish line ahead of two class A competitors.

Occidental Tower at 5005 LBJ Freeway in Dallas has bested its submarket neighbors, Lincoln Centre and Centura Tower by packaging “a market lease” with a 10-year term for the Susan G. Komen Breast Cancer Foundation Inc., Robert Powell of Grubb & Ellis Co. tells GlobeSt.com. The foundation has been an Occidental Tower tenant since the late 1980s, but decided to see what the market had to offer. Powell’s offer reworks the office space on four floors into three full floors for a net gain of about 10,000 sf.

Powell says the foundation renewed about five months ahead of the existing lease’s expiration and bringing an end to hard-line negotiations in the marketplace. “They definitely did their homework,” he says of the search and winning terms. “Both parties are extremely pleased with the deal.” The 91%-occupied, 540,000-sf tower carries a quoted rate of $22 per sf plus electric.

Under the reworked pact, two floors occupied by the foundation will be extensively renovated as will another, now sitting empty. Powell, the building owner’s representative, says finish-out planning has begun so construction can be done in time for a November occupancy. Scott Collier and Karra Guess, both with the Staubach Co.’s Dallas office, represented the Susan G. Komen foundation.

In sync but not tied to the foundation signing, Occidental Tower will be getting a first-floor lobby makeover and an 1,800-sf conference center addition as an added amenity for its tenants. Powell says the work will start within weeks. The building is owned by Occidental Tower Corp. of Houston.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.