DALLAS-A Stream Realty Partners’ team, with one year invested into the courtship, has pocketed the gold with a one-million-sf leasing assignment for One Main Place. The New York City owner has made the call to replace one of the CBD’s most senior brokers who’s been standing watch over the CBD asset for eight years.

The change takes effect in 30 days for the 65%-leased high rise at 1201 Main St. “They gave me some extra running room. Not everybody does that,” says Tom Ligon, who leased the building under flags for Grubb & Ellis Co., CB Richard Ellis and then went in house for the owner, RAK Group. “It’s best for everyone that we just don’t do it overnight.”

The Stream team will be led by Brandon Henry, with his brother Campbell and Brandon Slay at his side. “We’re starting from a stable foundation,” the team leader stresses to GlobeSt.com, crediting that footing to Ligon. “The building needs a fresh look and a new story. We view the opportunity as one not to be missed. We think we’re catching the building at the right time.”

RAK Group principal Randy Kohana has invested more than $8 million into upgrades since 2002 to the 38-year-old building. Henry says the last part of the cap-ex plan–elevator upgrades–will be done this year.

The 34-story One Main Place, with a DART stop at its doorstep, is the only Downtown high rise with the top two floors open plus two full floors of ready-to-go data center space. “We have a dynamic owner, a dynamic changing market and a building that’s under performing and waiting to be noticed,” he says. “We’re focused on a new life and new activity, that’s our game plan. We want to start making deals right away.” The class B-plus space will be marketed at $16 per sf plus electric with tenant-improvement allowances calculated case by case.

As the local ranks know, Bank of America is the lead tenant, renewing a 10-year lease two years ago for 338,035 sf. Other key names on the directory are Ernst & Young, Dallas Area Rapid Transit, Fox Broadcasting Co. and CNN.

As for Ligon, he too is courting the crowd with 35 years’ experience, mostly in the Downtown. “I’m talking to people,” he says. “I love the business. I know a lot of folks in the business and I hope to continue working with them.”

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2024 ALM Global, LLC. All Rights Reserved.