HQ Quick Pick Seals Off 84,674 SF

IRVING, TX-A telecommunications company with management ties to the West Coast and capital ties to the East Coast has roped off 84,674 sf in Waterway Tower in the Las Colinas Urban Center. The eight-year lease is the next step in Comtel Telecom Asset LP’s $82.1-million takeover of the VarTec Cos.

According to bankruptcy court documents, Comtel will take over the Carrollton-based VarTec May 22 or shortly thereafter. VarTec, which filed bankruptcy in November 2004, was made up of VarTec Telecommunications Inc., Excel Telecommunications Inc. and VarTec Solutions Inc. Comtel is owned by Sowood Commodity Partners Fund, which is managed by Boston-based Sowood Capital Management.

The “new” news behind the takeover is Waterway Tower at 433 E. Las Colinas Blvd. gets the headquarters. The managing partners, coming in from California, have inked a stair-stepped lease for five full floors, including the penthouse, and a 1,530-sf spot at street level. “Everyone was focused,” Brandon Henry, senior associate with Stream Realty Partners LP in Dallas, stresses to GlobeSt.com. “It came together in just under a month. The stars were aligned.”