Trizec's high-stakes play isn't without precedence. The practice is becoming more frequent in today's leasing environment. Still, the Thompson, Coe, Cousins & Irons buyout came at a high ticket, paying through the expiration of late 2004 for 53,000 sf or the entire 11th floor at the prestigious Crescent, John Zogg, Crescent's leasing director, tells GlobeSt.com. More details about the buyout package will be forthcoming due to the deal's high profile.
In exchange, the New York City-based Trizec has made a 10-year slam dunk for 70,000 sf at the Plaza of the Americas, now 75% leased. It gets to fill the top three floors of the north tower, office space that's been empty for some time due to a tenant bankruptcy.
Thom Ridnour, Trizec's regional vice president in Dallas, says the bid was won because of the Plaza of the Americas' amenities and its strategic CBD positioning. "We believe they realized the benefits of being inside the loop (Woodall Rogers)," he says.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
