X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Two renewals for 72,267 sf or three full floors have crossed the closing table for Trammell Crow Center, a 1.1-million-sf, class AA building in the Dallas CBD. One deal was a shoo-in and the other sealed a year of looking.

Trammell Crow Co., an original tenant and developer of the 20-year-old high-rise at 2001 Ross Ave. and building owner, re-upped a five-year lease for 47,000 sf on floors 33 and 34. It wasn’t such a matter-of-fact decision for US Trust Corp., which had five buildings in the CBD and Uptown on the short list.

Greg Biggs, Studley’s senior vice president and Dallas branch manager, says the nine-year tenant started shopping the market in August 2003. He tells GlobeSt.com that the new full-floor lease with a long term is a straight-up replacement for a 25,267-sf pact set to expire in 2005. The Arts District location, easy freeway access and building sponsorship weighed on the decision to renew, he says. “Economics always has a role in a tenant’s decision,” he adds, “but I think also if you truly look at buildings that are class AA that they have their own differentiating appeals to tenants.”

Trammell Crow Center’s quoted rent is $24 per sf to $28 per sf plus electric. The pair of renewals keeps occupancy at 91%.

“They’re a terrific tenant and I know the landlord wanted to keep them (US Trust) in their building,” Biggs says, careful not to divulge US Trust’s terms except to say there are expansion options. The official word in a press release is the deal “took advantage of current market conditions and allowed tenant improvement dollars to retrofit the company’s current space.” Work begins in the coming months on the 27th floor of the 50-story building.

Affiliates of the Fort Worth-based Crescent Real Estate Equities Co. own the ground lease and mortgage for Trammell Crow Center, which is leased by TCC’s Jon McNeil and Matt Craft. Biggs and Ric Kanatzar, a Studley assistant director, represented the New York City-based US Trust, a Charles Schwab-owned company that expanded last year with the buyout of the Boston-headquartered State Street’s private asset management business and now has $102 billion in assets under management in 14 states and the District of Columbia. William J. Goodwin, US Trust’s regional CEO, and Alfred B. Childs, managing director, managed the leasing process.

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.