X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVING, TX-A quartet of class B office leases, ranging from 3,539 sf to 12,633 sf, has passed the closing table for the Atrium at Office Center, a 240,000-sf structure in a favored corporate submarket that’s now making some headway after two dormant years.

The just-signed quartet for 1320 Greenway Dr. in the Las Colinas section of Irving carries terms of three to eight years, Ted Headings with Grubb & Ellis Co.’s Dallas office tells GlobeSt.com. “The good news is we are seeing this resurgence,” he says. “The last couple of years has really been an upheaval. Now, the building’s been stabilized and we’re looking upward and onward.”

Aames Funding Corp., based in Los Angeles, took 12,633 sf. It’s planning a Jan. 1 move-in as is US Investigations Inc., which is exiting the Dallas CBD for a 4,011-sf spot in the building. Nationwide Internet Services Inc., with two offices in the region, has just moved into 4,581 sf and the Los Gatos, CA-based AlphaSmart Inc. has set up shop in 3,589 sf.

To date this year, Headings says he’s renewed 40,000 sf and filled an equal amount of space with new names for the building’s current 32-tenant directory. Before the year ends, he says another 15,000-sf renewal will close and he’s hoping to land another 9,000 sf in new deals for a now 70%-leased, 10-story building. The latest round of leases lifted occupancy by 10%, according to Headings, who’s opening talks with a quoted rent of $14.75 per sf.

Headings says he’s floated proposals for 50,000 sf in the past 45 days, some renewals and some new deals. “We’ve had a lot of rollover in the last couple of years,” he says, adding that most expiring leases and tenants seeking early renewals are now put to bed. He says less than 5% of the existing leases will roll in 2005.

Nationwide Life Insurance Co. of Columbus, OH, bought the office building in fall 2002 and completed a renovation in this year’s first quarter. Headings credits the renovation, ownership and submarket uptick with the series of back-to-back leases.

Jason Walker and Jeff Schweitzer with Stream Realty Partners LP in Irving represented Nationwide Internet Services. Michael Wyatt, a senior director with Cushman & Wakefield of Texas Inc., brokered terms for US Investigations. Aames and AlphaSmart, used in-house representatives to structure their packages.

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?

 

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 © 2022 ALM Global, LLC. All Rights Reserved.