Cushman & Wakefield Plans Move to Uptown

DALLAS-After a decade in the suburbs, Cushman & Wakefield of Texas Inc. is moving to a Dallas address in Uptown. The global commercial real estate services firm has inked a 10-year lease for 24,000 square feet in Rosewood Court, a luxury office development at 2101 Cedar Springs Rd.

As part of the deal, Cushman & Wakefield will receive building signage facing Cedar Springs Road, where approximately 60,000 cars pass daily. “This is a major upgrade for our image,” says Elizabeth Trocchio, C&W’s executive vice president – area leader and manager of the Dallas branch. “We’ve been in the market for 37 years and never had any building signage.”

Trocchio saying having a Dallas address was very important to the firm, given its international presence, and the fact that most of its local employees live south of I-635. “In addition to a Dallas address, we wanted to be in a growing area, and Uptown is where it’s at,” she adds. “We think the new space will help with retaining and recruitment. And, we really think it will help with market share and gaining more clients.”

Trocchio tells GlobeSt. that she walked 44 different spaces in the search for the firm’s new office, and that Rosewood Court was the first building she toured. “We ended up circling back to the building we felt was best for our future needs,” she notes.

Developed by Rosewood Property Company, Rosewood Court is a 400,000-square-foot, 19-story class AA office tower situated on the one of the most prominent corners in Uptown. The property is adjacent to Rosewood Crescent Hotel and is less than three minutes from downtown Dallas, the Arts District and the Design District.

Cushman & Wakefield, which is currently located in the Millennium building in Addison, will relocate to its ninth-floor space in Rosewood Court on August 1, 2010. The new space will house more than 100 employees. C&W’s project management group, led by Randy Thompson, Managing Director, will oversee build-out of the new office space.

With the Cushman & Wakefield lease, Rosewood Court is about 92 percent leased, according to Tim Terrell, an executive vice president with Stream Realty Partners LP. The building opened less than two years ago, and the ninth floor was the last full floor available. He tells GlobeSt. that asking rates for Rosewood Court are $37.75 per square foot plus electric.

Terrell and his partner Rebecca Rambie are exclusive leasing agents for Rosewood Court. Dennis King, senior vice president of Rosewood Property Company, and Sue Fish, president of Rosewood Property Company, represented the ownership group in the transaction.

“We got out in the market at the right time – it’s a tenant’s market – and we’re really happy that Rosewood Court will be our home,” Trocchio says.