RICHARDSON, TX-With the heavy lifting done, Stream Realty Partners LP has taken the leasing reins to Greenway I, II and III, 301,033 sf of class A office with just 13,180 sf as its largest open contiguous block. The new team says five deals are all it will take to hit 100% occupancy.
If the names aren’t familiar, it’s because San Diego-based Equastone has renamed the trio along Lakeside Boulevard for a reintroduction to the market. The trio was a piece of the $382-million pickup of three million sf in August 2007 from the former Fort Worth-based Crescent Real Estate Equities Co.
Locally based Stream’s EVP and partner Tim Terrell and senior associate Benjamin Hautt are starting out with the 94,784-sf Greenway I at 2100 Lakeside Blvd. at 81% occupancy and 51,920-sf Greenway II at 2150 Lakeside Blvd. at 75%. The 154,329-sf Greenway III at 2400 Lakeside Blvd. is fully leased to Blue Cross Blue Shield of Texas Inc., which is building a new campus at 1001 E. Lookout Dr. in Richardson.
“We’re going to reintroduce the buildings, re-brand the buildings and build some ready suites,” Terrell says. The ready-to-go space will be placed into pocket openings in Greenway I and II since there’s no full floor available for build out as show space.
Terrell and Hautt say it’s realistic to believe that all buildings will be filled by year’s end. “Two or three small deals and we’ll be at plus 90%,” Terrell says. “Five deals bump it to 100%.”
The leasing reins have changed with little to no rollover this year. “It’s great class A space. We probably don’t need to go out of the box with broker incentives,” Hautt tells GlobeSt.com.
The open space is being tagged at $21 per sf plus electric. “We picked the correct rental rate. The market may dictate something different, but right now we think it’s the right rate,” Terrell emphasizes.
Transwestern Dallas has been leasing the trio since Equastone bought it. Jack Eimer, president of Transwestern’s Central region, was traveling and unavailable for comment.
Stream leases some Equastone assets in Central Texas, but the Greenway assignment is its first in Dallas for the owner. Terrell believes the win was cemented with the team’s high deal volume in the submarket, bringing the likes of Calabasas, CA-based Countrywide Financial Corp. and others to the city’s employment base. Also in 2006, Stream had bought the 200,563-sf, class A Lakeside Tower at 2350 Lakeside Blvd., primed it for repositioning and sold it last summer to Chicago-based Transwestern Investment Co. “We proved ourselves as Richardson experts in a couple of ways,” Terrell says, adding the short list was, as usual, pared to “three or four” in the best and final.