Burrow & Parrott LLP and Crowley, Douglas & Norman LLP operate independently of one another, but share office space in the 1301 McKinney St. building, says Mark Russell, senior vice president of Studley's local office. He and associate director Drew Morris represented the firms while the building owner, Fort Worth-based Crescent 1301 McKinney LP was represented by in-house broker, Debbie Wilson.
Russell tells GlobeSt.com that the firms have occupied space on the 35th floor of Fulbright Tower at least a decade. "When their lease was coming up for renewal in March, we engaged the market and looked at all kinds of options," he says, adding the firms were in the midst of renewal talks when Crescent acquired the 51-story, 1.2-million-sf tower from San Ramon, CA-based ChevronTexaco Corp.
"The overall package including rates, TI and parking was keeping with the downtown market conditions," Russell says. "We were able to capitalize on a tenant friendly market." Fulbright Tower has a quoted rent of $21 per sf, gross.
With the renewals, Fulbright Tower is still about 40% vacant. The building's lead tenant is international law firm, Fulbright & Jaworski, which occupies more than 350,000 sf in the tower. The 20-year tenant recently exercised its right to put its name on the structure.
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