X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Two new deals totaling 23,100 sf and a 3,300-sf renewal, all top-name tenants, have just passed the closing table to push up occupancy in the final stretch of the call for offers on the 1700 Pacific Ave. The bell rings at 3 p.m. today for the 1.3-million-sf landmark Dallas CBD office building.

The back-to-back lease deliveries will put the Department of Justice onto the entire 45th floor, more than 20,000 sf, in December. Inbound in November is Charles Schwab, which took 3,100 sf for a showcase investor center to light the lobby’s office space for the first time in seven years. Texas Pacific Land Trust, a 10-year tenant, re-upped 3,300 sf on the 16th floor for another five years. The trio, with the justice department and Charles Schwab tied to 10-year leases, takes the year-to-date total to 70,000 sf, Jeff Eckert, TCC’s vice president who along with principal Jim Yoder, handle 1700 Pacific’s leasing. On the tenants’ sides, Trevor Franke represented Charles Schwab, the GSA sat in for the justice department and Texas Pacific used in-house representation.

“The building is very well positioned from a leasing position,” Eckert says, adding that the deliveries are being made at “market rates.” The final bell rings on offers at a 70% occupancy and he’s got several more in the pipeline. The building’s quoted rate is $16.50 plus electric.

The 49-story 1700 Pacific Ave. came to market without an ask in mid-June. Early predictions were it would pull more than $100 million. “We’re running a silent auction,” John Alvarado, TCC senior vice president, tells GlobeSt.com about the Boston-based Credit Suisse First Boston offering. “The investment community is going to us what it’s worth. Even if we don’t get the desired $100 million that doesn’t mean it won’t trade.”

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.