First Horizon Gives 10-Year Nod

LAS COLINAS, TX-First Horizon Home Loan Corp. has made a 10-year commitment for 116,000 sf in Las Colinas Commons, a two-building complex that’s had 225,000 sf of class B space on the market since NEC America vacated three years ago. Occupancy is marked for November.

Todd R. Noonan, part of the Dallas-based Stream Realty Partners LP team brokering the pact, tells GlobeSt.com that project has attracted “good activity” although it’s taken awhile to corner the lead tenant and also the first one. First Horizon has been negotiating the better part of this year for the 1555 Walnut Hill office space, where the plan is to set up a post-closing center to employ nearly 500. The inbound tenant, with its main hub at 5400 LBJ Freeway in Dallas, most likely will be consolidating some of its sites in the region.

Crocker Reynolds Construction Co. of Dallas is working on the finish-out to swing the 162,000-sf, single-tenant building into multi-tenant use. The office complex, with a quoted rate of $15 per sf plus electric, underwent a multi-million-dollar renovation two years ago when it was bought by a Dallas-based partnership, CFH II LP. The retrofitting enables the next tenant to have its own entrance and lobby, Noonan says.

Noonan and Stream’s Paul R. Moser represent the building owner. Ann Huntington of Trammell Crow Co. brokered for First Horizon.

The Stream team’s not done shopping the market, with 46,000 sf still up for grabs in the two-story 1555 Walnut Hill and another 63,000 sf in the three-story sister building. NEC vacated the class B property for a 500,000-sf, class A campus in the Las Colinas Corporate Center in early 2000, according to published reports.