"We will not lose a deal to rate," Robert Jimenez with Dallas-based Holt Lunsford Commercial vows to GlobeSt.com. The 129,000-sf Executive Center II at 8360 LBJ Fwy. is 88% leased and the 252,124-sf Executive Center III at 8330 LBJ Fwy. is 87% occupied.
Jimenez and Holt Lunsford's Kacy Jones beat teams from two other brokerage houses with their pitch to get occupancy to 95% by the third quarter for the Santa Ana, CA-based owner. "They want to be in a position so it can be marketable to the investment community," Jones says.
Transwestern Dallas declined to comment on the owner's order to turn over keys Dec. 1. Transwestern, though, remains in control of the 205,450-sf Executive Center I at 8390 LBJ Fwy., which has a different owner. According to the North Texas Data Exchange, it has 161,724 sf being marketed for $15.50 per sf, full service.
Jimenez and Jones have been meeting with Triple Net to finalize broker incentives and a rate structure for the lease-up campaign. The existing rent is $17.50 per sf, full service. As the plan gets fine-tuned, work is wrapping up on an improved fitness center in Executive Center II. The project's amenities include an on-site deli and covered parking.
Executive Center II's lead tenant is locally based Trailblazer Health Enterprises LLC, which occupies 190,000 sf on nine floors. The headquarters tenant is giving back the lowest floor in the stack, 23,000 sf on the second level, according to the team. And, it will be the largest contiguous block of open space in the assignment when the keys change hands.
Executive Center III's lead tenant is Unitrin Specialty Lines Insurance, a division of locally based Charter Insurance Co. It occupies 85,000 sf. The 2008 lease rollover is 8,000 sf in Executive Center III, according to Jimenez.
Triple Net bought the buildings, situated on a 5.5-acre tract, in December 2003. Dallas Central Appraisal District assesses its value at $22.5 million.
The team is planning a re-branding drive, but hanging onto the asset's well-known name. Jimenez points out that the office complex fell off radar screens during the High Five freeway construction. "We need to get them back," he says. "I am chasing any deals down that we hear about in the market. It will be a lot of shoe leather and canvassing."
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