DALLAS-Wachovia Corp. and Concentra Inc. have boosted their class A office sizes in Spectrum Center, opting to blend in terms to recently reworked renewals. The combined expansions strip 23,994 sf from the available stock to push occupancy to 92%.

“It’s exciting to go from under 70% to over 90% in a year,” says Virginia Mulkey, a leasing director for Fort Worth-based Crescent Real Estate Equities Co. She tells GlobeSt.com that Wachovia, planning its own finish-out, immediately got the keys to its third expansion in the past year while Concentra will pick up its extra room within 90 days in the twin towers at 5080 Spectrum Dr.

Wachovia’s Texas headquarters takes up floors two through five, with the latest expansion carving out 8,021 sf on the sixth level of the east tower. The Charlotte, NC-based bank started out in 61,000 sf in late December 2004, added 9,277 sf in October 2005 and 25,493 sf in January. Then, Wachovia’s Texas executives came back for more. “They determined the need and we found a space for them,” she says, citing the repeat moves were blended into the original 10-year pact. Webber Beall, executive vice president for Lincoln Harris CSG in Dallas, and Larry Toon, senior vice president with locally based Staubach Co. represent Wachovia. Crescent’s senior vice president Michael Lewis assisted with the negotiations.

In the west tower, Concentra added 15,973 sf of the sixth story to its 94,760-sf bank that takes in all of floors four, five, 11 and 12. The healthcare giant renewed its second 10-year lease in December 2005, according to Mulkey.

The 598,250-sf towers, owned by Crescent Spectrum Center LP, are leased and managed by Cousins Properties Inc.’s Dallas/Fort Worth office. Mulkey and Cousins’ Matt Schendle, a newly promoted vice president of leasing, represented the owner. John Woolsey, principal with Dallas-based Trammell Crow Co., is Concentra’s broker. The quoted rate is $21 per sf to $22 per sf plus electric.

The buzz around town focuses on the fast-paced leasing in the Dallas North Tollway corridor. “In every networking group I belong to, the talk is rates are going up and concessions are going away,” she says. “Concessions definitely are going away.”

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