X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVING, TX-A Minneapolis-based consulting firm has leased 18,026 sf of class A office space in the Las Colinas Urban Center. The long-term lease was floating in the market nearly eight months.

“I think the market was fairly aggressive for this, but at the same time the market is improving in the Urban Center,” Ben Sumner, one of two tenant reps for Stream Realty Partners LP in Dallas steering the search. He says Personnel Decisions International’s local decision started out with seven buildings, pared it to five and dug into negotiations to get the best package to stay within the Urban Center bounds. The winner is the 15th floor of the Tower on Lake Carolyn at 909 Lake Carolyn Parkway, which has a quoted rate of $18.50 per sf plus electric.

Personnel Decisions is planning a Feb. 1 move to the 360,815-sf high rise, now about 60% leased. The inbound tenant is leaving about 23,000 on the 17th floor in 600 Las Colinas, but Sumner explains the difference in the office sizes merely is the result of floor-plate efficiency. A renewal was one of the considerations, he says.

Sumner, teaming with Stream’s Charlie Otte, secured a long-term, stair-stepped lease that kicks in when the pact expires at 600 Las Colinas. The new office’s finish-out and agreed rate both met the market, Sumner says. “I’d say they got pretty aggressive, but not any more so than for any other full-floor user,” he adds. Bill Lokey Jr. and John Fancher with CB Richard Ellis Inc. negotiated terms for the building owner, CB Richard Ellis Strategic Partners III LP of Los Angeles.

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.