For the 3.5 years, the insurance brokerage firm has occupiedfloors 42 and 43 at Fountain Place, a 60-story, 1.2-million-sftrophy at 1445 Ross Ave. owned by Crescent FP Investors LP. KirbyWhite, the Fort Worth-based Crescent's leasing director, tellsGlobeSt.com that the direct deal doesn't kick in until October 2005when the 35,193-sf sublease expires with Chubb Insurance Co.

White says Summit's execs got a "modest" TI package, anexpansion option and a flat rate for the five-year term after sixmonths of negotiations. "It was a market deal...a good fit forthem," he adds. "I think they recognized the value of the space,convenient access and identity of the building." Fountain Place,one of a handful of CBD trophies, has a quoted rent of $23 per sfto $26 per sf.

Despite its size, the 94%-leased Fountain Place has just 28tenants, but four are corporate headquarters and two are regionalHQs. Summit Global's hold on two floors and a promise of more highup in the high-rise wasn't about to be given up unless a competitorcould make the move well worth it, an unlikely event with the CBD'strophy space continuing to maintain high occupancies. John Beach, asenior vice president with Jackson & Cooksey in Dallas,represented Summit Global, an eight-year-old insurance brokeragehouse with offices in California, Florida, Illinois, Michigan, NewMexico, Oklahoma and Tennessee as well as Texas.