Guaranty Bank has put together a deal for 76 months to renew its office space and lease the retail area. The Austin-based bank currently leases just over 16,000 sf of office space on the fourth floor of the 1.2-million-sf Three Allen Center. It has a retail banking site just down the street at 1201 Louisiana St.
"Guaranty got very excited about the retail space in the lobby," says Margaret Sigur, a leasing manager with Chicago-based Trizec Properties Inc. "They saw the opportunity to have a bank in the same building with their offices."
Sigur, who represented the building owner, TrizecHahn Colony Square GP LLC, tells Globest.com that Guaranty Bank has filed an application with the state and federal agencies that regulate new bank branches and is awaiting approval for the new branch. It is expected that Guaranty Bank will begin building out the retail space in January and will open in early February. Steve Crawford of Stanford Realty Advisors Inc. in Austin represented Guaranty Bank.
Built in 1980, Three Allen Center is part of a three-building complex that includes One Allen Center and Two Allen Center. The tower's asking rate is $22 per sf to $23 per sf. Currently, Three Allen Center is 88% leased while the entire complex is 90% leased.
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