The latest in a series of management pacts to go to Transwestern is the 18-year-old MacArthur Plaza, located at 5525 MacArthur Blvd. in Las Colinas. The property is 85% occupied, with Verizon holding the lead tenant slot. Verizon occupies 52,000 sf in the class-A high-rise. The property is considered prime office space due to its proximity to Texas 114, the Dallas-Ft. Worth International Airport and primary arteries leading to major business districts in both metropolises.
Matt Hurlbut had managed the property for Lend Lease Real Estate Investment, which holds MacArthur Place in its Delta Pension Fund portfolio. Hurlbut had managed the property since its acquisition June 30, 1999, the same time that Prentiss had secured the leasing and management pact. In an unrelated development, Hurlbut had jumped to Transwestern's fold Feb. 12.
"It was a nice extra that came with the building," Transwestern's Denise Rachal says of co-broker Hurlbut. The team is handling the property, which marks their only Las Colinas assignment. Transwestern's Chris Daves is the property manager.
"It was unique that I was the asset manager," Hurlbut told GlobeSt.com. "It doesn't happen every day. It's a great location ... I can attest to that."
The nine-story building is situated on a little more than 6.3 acres and fetches $22 per sf to $23 per sf plus electric. Neither broker foresees a problem in raising the occupancy level, which they say is about average for the Las Colinas submarket.
Lend Lease is pumping some upgrades into the building's common areas. The work, mostly repainting and new wallpaper, had started earlier this year and will wrap up by year's end, says Hurlbut.
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