Todd White, Macfarlan's senior vice president for leasing, told GlobeSt.com the freshly signed contract certainly is one of the largest cumulative assignments, if not the largest for year 2000. Stream will be overseeing the prestigious Thanksgiving Tower, One Brookriver Place and 10100 North Central, which serves as Macfarlan's headquarters. "Stream has the ability to perform within the particular submarket," White explains.
The contract comes on the heels of the retirement of veteran Darlene Spaulding, Macfarlan's senior project manager. Macfarlan Realty had wrestled with replacing her, but instead opted to outsource leasing duties for the class-A trio. "We had to make a strategic decision," White told GlobeSt.com. He says Stream is not working in an interim capacity although Spaulding will eventually be replaced within the Macfarlan hierarchy.Macfarlan, a full-service commercial real estate provider, does use third-party agents for part of its service center and industrial portfolio in Dallas as well as holdings in San Antonio.
"At this stage of our portfolio program, we felt that the leadership in leasing that Stream Partners could offer these three properties was superior to what we could provide with an in-house agent." CEO Dean Macfarlan says.
Stream has been signed to the standard 12-month contract, with a 30-day out clause. "We will endeavor to show them that their confidence is not misplaced," says Michael McVean, Stream's co-founding partner.
Stream's Rob Kennedy will handle leasing for 10100 North Central and One Brookriver Place while Mark Parker has been assigned to Thanksgiving Tower. The properties are leasing for $17 per sf to $23 per sf, according to White.
Macfarlan had acquired an 80.5% condominium interest in the 1.35-million sf Thanksgiving Tower, located at 1601 Elm St. in the CBD, in late 1999 through an investment partnership controlled by MSDW Southwest Partners. The entity consists of Macfarlan Holdings Ltd. and Morgan Stanley Real Estate Fund III. The CBD landmark is 95% leased with such tenants as First USA, Hunt Petroleum and the Gardere & Wynne law firm. Hunt Development built the office tower in 1982 and gave it a multi-million-dollar makeover in 1992.
The 10100 North Central is a six-story, 95,000-sf building positioned between Walnut Hill Lane and Meadow Road in the North Central Expressway submarket. The multi-tenant property, completed in 1983, had undergone a top-to-bottom overhaul in 1999 after Macfarlan bought it.
One Brookriver Place is a seven-story, 152,000-sf structure at 7929 Brookriver Dr. in the Stemmons Corridor submarket. Major tenants include Lindsey Morden Claims, Bio-Medical Applications and Greensheet. Macfarlan bought the 22-year-old property about two years ago, also giving it a makeover. It now houses on-site dining, a management office and direct access to Dallas Love Field Airport.
The pact marks a milestone for Stream, founded about four years ago by Lee C. Belland and Michael J. McVean, former Trammell Crow Co. executives. It now has a staff of 34 professionals and a 41-building portfolio, totaling 4.5 million sf in Dallas, Houston and Ft. Worth.
In addition to the 2.8 million sf in Dallas, Macfarlan's current assets include 1.2 million sf under development or on the drawing boards in Las Colinas, 1.5 million sf in Houston, 220,000 sf in Austin and 150,000 sf in San Antonio.
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