X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-NAI Robert Lynn is ending a 10-year stay at Triwest Plaza, signing a full-floor lease for 16,000 sf of class A headquarters space right up the road. The 41-member firm will make the move in the first quarter.

The brokerage house’s executive team didn’t return telephone calls by press time to comment on the move to 4851 LBJ Fwy. from 3030 LBJ Fwy. Jeff Eckert, senior vice president for Jones Lang LaSalle in Dallas, tells GlobeSt.com that the inbound tenant signed a six-year, stair-stepped lease with one renewal option for the 10th floor of the 12-story building, strategically positioned at the crossroads of Interstate 635 and the Dallas North Tollway.

The 187,644-sf building’s location was the dealmaker, according to Eckert. He and other market sources say NAI Robert Lynn started looking in midsummer for an office location in the Galleria area, putting freeway visibility for a sign at the top of its requirement list. In signing the deal at 4851 LBJ Fwy., NAI Robert Lynn’s team will get about 2,000 sf of extra elbow room and an “eyebrow” sign at the sixth-floor level.

“We gave them a good class A option with great visibility on one of the busiest intersections in the city,” Eckert says. Likewise, the building, which only goes by its address, will gain in prominence. “They’re a great company, a great local brand name and great for the identity of the building,” he adds. After the field was narrowed to 4851 LBJ Fwy., he says negotiations went full circle within 45 days.

Building owner Younan Properties Inc. of Los Angeles and NAI Robert Lynn are sharing costs to add a fully equipped fitness center to the building’s ground floor, according to Eckert. Like the sign, the fitness center was on the firm’s wish list too. And, it will be open to all tenants of the now 77%-leased structure.

NAI Robert Lynn is taking over space emptied five months ago by East Princeton, NJ-based American Reinsurance Corp., which shuttered its Dallas office. As Eckert and JLL senior vice president James Esquivel worked to land NAI Robert Lynn, they also reeled in a 4,531-sf expansion for Evergeen Alliance Golf Ltd., which had been operating out of a 9,934-sf headquarters on the sixth floor. Eckert says the pipeline has several deals working that, if closed, would fill another 18,000 sf. The opening quote is $23 per sf with 50-cent per sf annual increases–and a finish-out allowance.

Younan acquired 4851 LBJ Fwy. in August 2006, getting a building that needed only minimal changes in a submarket with a tight vacancy. “It’s a good little building,” Eckert says, pointing out that the fitness center “will be an added amenity that will distinguish it from the competition.”

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.