Breaking NewsGlobeSt.com will be offline for scheduled maintenance Saturday May 8 3 AM US EST to 12 PM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-After 18 months of weighing all options, the law firm of Bickel & Brewer has grabbed the one put into play by its existing building owner to keep the 13-year tenant in the Dallas CBD’s Bank One Center.

The 12-year lease for the international headquarters was renewed about two years early with “an economic package that we felt we couldn’t refuse,” John W. Bickel II, co-founder and co-managing partner of a litigation firm with a far-reaching reputation for winning its cases, tells GlobeSt.com. “We’re exactly where we want to be, at the right numbers.”

Bickel & Brewer went to market early, but merely to “make sure…that we had the best building in the market. We wanted to be convinced that this was the best deal for us,” Bickel stresses, noting that clients from near and far constantly praise the location and quality of its 48,183-sf office, with a mock courtroom, in the 60-story high-rise at 1717 Main St.

The 60-member law firm occupies the 48th and 49th floors in the 1.5-million-sf building, owned by Fort Worth-based Crescent Real Estate Equities Co. and the Chicago-headquartered Trizec Properties Inc. in a 50-50 partnership. The deal included TI dollars for space upgrades, but Bickel says there’s no deadline pressure to spend the capital. The office area was renovated about two years ago so any upcoming construction is at least six months away, he adds. The deal also includes expansion rights to the 47th floor of the Philip Johnson-designed high-rise.

Bickel says the firm’s team–Trammell Crow Co. principal Phil Puckett and senior associate Searcy Ferguson–presented every possible leasehold imaginable during the 18-month search. All class A buildings in the CBD, Uptown and Central Expressway submarkets were reviewed and Las Colinas was eyed as a build-to-suit prospect, Ferguson says. The short list was pared to five properties. Don Dowell of Trizec Properties’Dallas office represented Crescent in the negotiations.

“Clearly when you added everything–economics, culture of the firm, the downtown–it was definitely the right decision to make,” says Ferguson.

Ferguson nor Bickel will talk about the rate. A real estate source tells GlobeSt.com that word on the street is the economics were “tremendous” and the renovation allowance was “substantial.” The building is quoted at $21 per sf to $24 per sf.

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?

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