Momentum Builds as 63,344 SF in Office Leases Close

DALLAS-In a rare sized lease for the office market these days, a 30,000-sf pact has come down the pike. But that’s just half the story, with brokers just closing on five more office deals, totaling 33,344 sf for Dallas-area class A buildings.

The University of Phoenix will open its first Texas campus in October, selecting the 280,000-sf Churchill Tower at 12400 Coit Rd. Dale Ray, vice president for Capstar Commercial Real Estate Services in Dallas, negotiated the seven-year lease for building owner and general partner Today Realty Advisors, also based in Dallas. Mark Bailer, vice president of Trammell Crow Co.’s Tampa office and Warren Willey, vice president for Trammell Crow, and Rebecca Tudor, senior associate, both in Dallas, represented the tenant. The University of Phoenix also is building out a satellite campus site in Houston, Ray tells GlobeSt.com.

The university lease represents the first large signing for the tower, which delivered in October 2000. There are three other tenants, with total occupancy now riding at 20%. The university will occupy all of the part first floor and all of the second. Ray confides negotiations are under way for two other pacts, totaling 60,000 sf. Churchill Tower’s lease rate is quoted at $24 per sf plus electric.