HMS Expands to 84,000 SF

LAS COLINAS, TX-Two years after leasing 59,426 square feet at Corporate Point at Las Colinas, Health Management Systems has expanded by an extra 24,323 square feet. The company will expand into its new space on the eighth floor in November 2009.

Mike Pierre, director with GVA Cawley says Health Management Systems took space in the 10-story, 223,498-square-foot building at 5615 High Point Dr. some time in 2007. Pierre, who represented Point at Las Colinas owner CW Capital with GVA Cawley leasing associate Stephanie Richardson, says both leases will expire in 2019.

Pierre tells GlobeSt.com the health care insurance company, represented by brokers Steve Conrad and Evonne Keene with Transwestern’s Dallas office will remain in space on the first, fourth and fifth floors. The expansion brings the class B building to 65% occupancy.

“The building was constructed in 1983, and for many years, was leased to a single tenant, Verizon,” Pierre explains. “Verizon moved out a few years ago.” At around the same time, during 2005, CW Capital acquired the asset from a Dallas investment group and began an extensive multimillion renovation on the common areas and lobby. “From that point forward, it went from a single-tenant building to a multitenant building,” Pierre comments.

Other tenants in the building include Avatech Solutions Inc. and Ricoh Americas Corp. Verizon’s corporate services group and data services division also has space in the building.

The quoted lease rate is $16.75 per square foot to $17 per square foot, plus electricity. Pierre says activity and interest in Corporate Point at Las Colinas has been strong, though declined to discuss potential deals.