Wachovia, Concentra Expand in Class A Office Towers

DALLAS-Wachovia Corp. and Concentra Inc. have boosted their class A office sizes in Spectrum Center, opting to blend in terms to recently reworked renewals. The combined expansions strip 23,994 sf from the available stock to push occupancy to 92%.

“It’s exciting to go from under 70% to over 90% in a year,” says Virginia Mulkey, a leasing director for Fort Worth-based Crescent Real Estate Equities Co. She tells GlobeSt.com that Wachovia, planning its own finish-out, immediately got the keys to its third expansion in the past year while Concentra will pick up its extra room within 90 days in the twin towers at 5080 Spectrum Dr.

Wachovia’s Texas headquarters takes up floors two through five, with the latest expansion carving out 8,021 sf on the sixth level of the east tower. The Charlotte, NC-based bank started out in 61,000 sf in late December 2004, added 9,277 sf in October 2005 and 25,493 sf in January. Then, Wachovia’s Texas executives came back for more. “They determined the need and we found a space for them,” she says, citing the repeat moves were blended into the original 10-year pact. Webber Beall, executive vice president for Lincoln Harris CSG in Dallas, and Larry Toon, senior vice president with locally based Staubach Co. represent Wachovia. Crescent’s senior vice president Michael Lewis assisted with the negotiations.