Comerica's HQ Could Weigh In at 250,000 SF

DALLAS-An insider close to Comerica’s headquarters relocation plan tells GlobeSt.com that the site search has started for one floor in the 25,000-sf range. But the door is open for up to 250,000 sf.

Studley’s preliminary calculation for tenant net effective rent is $21.75 per sf for class A CBD space. To seat a deal like Comerica, it’s a safe bet that the effective rate will be shaved considerably more.

The inside source says Downtown is a must–not an option–for Comerica, which now occupies six million sf in its headquarters city of Detroit and 12 million sf in its US offices. In Dallas, Comerica leases 60,000 sf on floors one, two and four after 20 years in the 1.4-million-sf Thanksgiving Tower at 1601 Elm St. Word is there’s term on the lease, but it’s only short term. Nonetheless, the deal runners know just how aggressive the new owner, Younan Properties Inc. of Los Angeles, can get when it wants to hold onto a top name tenant with long-term expansion capabilities. Comerica’s decision will bring 200 corporate jobs to Dallas, the same number it plans to phase out in Michigan in the next three years. Comerica now employs 1,300 workers in its local office and 71 branches in the state.