Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-In a gold key-turning deal, Remington Hotel Corp. has reserved 30,133 sf in Centura Tower I after pitting two trophies against each other for the 11-year win. JPMorgan International Plaza ended up the bridesmaid.

The Dallas-based hotel group was in the market nearly a year, confining the search to the creme de la creme along the Dallas North Tollway. Remington, which floated an IPO in recent months, was looking to trade up from a Centura Tower I neighbor, Pacific Center, and roll in some room to grow. The Centura deal delivers first-generation space for the entire 11th floor and part of the eighth in a three-year-old, 412,000-sf building with a quoted rate of $23.50 per sf plus electric.

“For this transaction, this deal is a win-win,” Dale Ray, vice president and leasing director for Jones Lang LaSalle in Dallas, tells GlobeSt.com. “They got the terms and TI package that they were looking for and we got what is going to be a full floor-plus tenant for the long term.”

Ray credits the Centura win to its location with easy freeway access, 93% column-free floor plates and the direct connection between building atrium and parking garage. The reality of the economics is “a standard market play,” he says, acknowledging some free rent, expansion options and a good rate. In return, the building owner, Regis Property Management Inc. of Dallas, got a solid flat rate for the full term. Ray brought the building assignment and the working deal with him last month when he left Capstar Commercial Real Estate Services for the Jones Lang LaSalle title.

Remington takes up residency in March as Centura’s second-largest tenant. The 15-story tower at 14185 Dallas Parkway edges to 70% occupancy, with 85,000 sf or the top three floors available. Chris Mason of Jackson Cooksey in Dallas represented the hotel group, which penned the lease within days of announcing a restructuring. Remington, a manager of 40 hotels in the US, is an independent real estate investment and management company.

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.