Bank of America's team secured a stair-stepped lease with an allowance to spruce up the lead tenant offices on floors six through 10 in the 16-story, canal-fronting building in the Las Colinas Urban Center, Tom Cruikshank, vice president and leasing director in Dallas for Jones Lang LaSalle, tells GlobeSt.com. The deal spent six months at the bargaining table, but it wasn't under the same kind of pressure as one inked five days ago in the Dallas CBD. For previous story, click here.
"I think it was our deal to win or lose," Cruikshank says. Bank of America replaced a pact with less than a year left on its term, taking the same amount of space in the 486,754-sf complex, owned by New York City-based Colonnade Properties LLC.
Cruikshank says the long dry spell in Las Colinas appears to have ended. His leasing pipeline has another 140,000 sf under negotiation, some renewals and some new deals--all on track to be signed by year's end. The 352,162-sf Las Colinas Tower II at 225 E. John Carpenter Freeway is 82% leased and its 134,592-sf sister, Las Colinas Tower I at 201 E. John Carpenter Freeway is resting at 40% occupancy.
Continue Reading for Free
Register and gain access to:
- 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
© 2024 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.