FORT WORTH-Exercising an early termination clause, AmeriCredit Financial Services Inc. has repackaged its class A lease at Burnett Plaza after a quick market search. The 10-year tenant has pledged to stay another decade, with its 62,517-sf office now awaiting a makeover.
AmeriCredit occupies floors 35 and 36 plus it has an 11,000-sf data center in the basement of the 40-story, one-million-sf Burnett Plaza at 801 Cherry St., which is owned by Dallas-based Behringer Harvard REIT I Inc. For months, the street talk has been that the CBD high rise is under contract.
Rick Hopwood with NAI Huff Partners in Fort Worth tells GlobeSt.com that AmeriCredit exercised its early termination right last April for a lease that was set to expire in May 2009. “It just made economic sense for them to restructure that lease and restructure it out another 10 years,” he says.
AmeriCredit’s master lease spanned 227,000 sf. But, Hopwood says 100,000 sf has been subleased to “eight or nine” tenants in the past three years, allowing the firm to right size with the restructuring. The AmeriCredit deal doesn’t impact its Arlington, TX campus, he adds.
Jack Clark with Radnor, PA-based Brandywine Realty Trust represented Behringer Harvard in the negotiations. The building’s quoted rate ranges from $20 per sf on the lower levels to $27 per sf, plus electric, in the upper bank, according to the North Texas Data Exchange. The building has 76,955 sf of open space, the vast majority of which is in the upper bank.