X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVING, TX-Caris Diagnostics Inc., ending a search to expand its headquarters, has committed to a long-term lease for the 172,232-square-foot Sierra at Las Colinas I in the high-profile Las Colinas Office Center. The class B-plus building was fully occupied until last March by Verizon Communications Inc.

GlobeSt.com has confirmed the full-building lease for 6665 MacArthur Blvd. has been cemented with a term exceeding 10 years. Dealmakers are unable to discuss details. The new tenant also has declined comment, adding that a press release will be forthcoming at the end of this week.

Word is Caris Diagnostics plans to consolidate several locations in Greater Dallas in late spring or early summer to the three-story building, owned since June 2001 by New York City-based iStar Financial Inc. Caris’ headquarters presently is located at 8400 Esters Blvd., also in Irving, while its leases other space at 1473 Terre Colony Ct. in Dallas, 310 E. Interstate 30 in Garland and 5215 N. O’Connor Blvd., also an Irving address.

Caris’ lease could be the largest one inked to date this year in Las Colinas, a favored landing spot for corporate America. Verizon’s 10-year lease of the 11-year-old building burned out in March, with the telecommunications giant moving the division back to its nearby campus.

Sierra at Las Colinas was primarily marketed for single-tenant use after Verizon’s exit. The quoted rate was $22.50 per square foot to $23.50 per square foot plus electric. Given the leasing velocity in recent quarters, it’s a safe bet that talks were somewhat aggressive to win the full-building deal. According to Cushman & Wakefield of Texas Inc.’s third-quarter stats, the 26.7-million-sf submarket is 23.5% vacant, but leasing activity filled 1.6 million square feet in Q3. an increase of 260,339 square feet from Q3 2007′s closed deals. The report put the average rent at $22.24 per square foot, up 90 cents per square foot in the past year.

Caris Diagnostics, a wholly owned subsidiary of CDx Holdings, is a privately held investment partnership with more than $350 million of assets under wing, according to its website. The company focuses on long-term strategic investments in a variety of industries, including health care, energy and financial services. Because dealmakers and the company are mum about the deal, it could not be determined if the new lease is a signal that another company or additional assets have been bought.

Caris had Jones Lang LaSalle managing director Scott Collier and senior vice president Doug Carignan overseeing the site search and lease negotiations. The building owner’s re-tenanting drive was led by Atlanta-based Cousins Properties Inc. senior vice president Mark Dickenson and vice presidents Matt Schendle and Cynthia Cowen.

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.