The maker of software that analyzes Internet traffic will occupy the fifth, sixth and 15th floors in the new, 27-story office tower that sits on the old Fox Theater block, caddy corner from Pioneer Courthouse Square. WebTrends co-founder and president Glen Boyd says he chose the building because it has the telecommunications infrastructure to keep pace with the high-use demands of his company.
The Fox Tower lease – said to be a five-year deal at around $20 per sf per year - is in addition to the 52,000 sf WebTrends currently leases in the Pacific First Tower, said Dave Squire, who represented WebTrends on behalf of Grubb & Ellis Co. Mike Holzgang and Scott Madsen, both with Cushman & Wakefield, are the leasing agents for Fox Tower.
The building is now close to 95% leased, according to Holzgang, who says he has "deals on the table" that will soon have the building to 98% leased. Other major office tenants already secured for the building include Paine Webber, Louisiana-Pacific Corp., Black Helterline LLP, CollegeNet, RB Pamplin Corp. and Tumac Lumber Co.
Despite innumerable predictions that the Fox Tower would have trouble leasing up – mostly from representatives of competing projects – movie theater magnate-come-office building developer Tom Moyer says the only real gamble was that the economy would "go sideways" during the past two years of construction.
"If you analyzed the market, the building is at ground zero, so the (underground) parking was going to be a cash cow with all the retail nearby," Moyer tells GlobeSt.com. "The retail space in the building was also hot from the get go, and with office vacancies low, the only real gamble was the economy."
The economy came through in spades for Moyer, who says jokingly that he'll now "go fishing" for a while. As for another office project, Moyer said he's not averse to a joint development deal like the one he entered into with Hillman Properties to develop 1000 Broadway, where the offices of Moyer's TMT Development now sit. TMT will move to one of the top floors of the Fox Tower when it opens, he said.
Both office buildings were built on former theater sites owned by Moyer, who held onto the properties when he sold his chain of the theaters to Act III for $175 million in 1989.
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