Richard Fletcher, the TCC senior vice president who masterminded the double acquisition and dual leases, wasn't available for comment prior to publication time. The Republic Underwriters' deal has been in the market for some time, but it took one deal falling out with another buyer before TCC came up with a plan for the insurance company to sell a 228,000-sf headquarters building at 2727 Turtle Creek Blvd. and lease a 115,000-sf structure at 5525 LBJ Freeway.
Sources tell GlobeSt.com that the Republic's 5.5-acre Uptown property has brought $70 per sf to $90 per sf, with the land valued at far more than the class B office building, assessed at nearly $14.6 million. In fact, there's speculation the building will be razed and the site, abutting the Mansion on Turtle Creek, built out with condos. "They might have a tenant, but I'll put money on it that they will tear it down and redevelop it," the source says.
The relocation site, also a class B office building, sold for more than $4.2 million. It will undergo a $2.8-million renovation before Republic moves in spring 2005.
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