The brokerage house's executive team didn't return telephone calls by press time to comment on the move to 4851 LBJ Fwy. from 3030 LBJ Fwy. Jeff Eckert, senior vice president for Jones Lang LaSalle in Dallas, tells GlobeSt.com that the inbound tenant signed a six-year, stair-stepped lease with one renewal option for the 10th floor of the 12-story building, strategically positioned at the crossroads of Interstate 635 and the Dallas North Tollway.
The 187,644-sf building's location was the dealmaker, according to Eckert. He and other market sources say NAI Robert Lynn started looking in midsummer for an office location in the Galleria area, putting freeway visibility for a sign at the top of its requirement list. In signing the deal at 4851 LBJ Fwy., NAI Robert Lynn's team will get about 2,000 sf of extra elbow room and an "eyebrow" sign at the sixth-floor level.
"We gave them a good class A option with great visibility on one of the busiest intersections in the city," Eckert says. Likewise, the building, which only goes by its address, will gain in prominence. "They're a great company, a great local brand name and great for the identity of the building," he adds. After the field was narrowed to 4851 LBJ Fwy., he says negotiations went full circle within 45 days.
Building owner Younan Properties Inc. of Los Angeles and NAI Robert Lynn are sharing costs to add a fully equipped fitness center to the building's ground floor, according to Eckert. Like the sign, the fitness center was on the firm's wish list too. And, it will be open to all tenants of the now 77%-leased structure.
NAI Robert Lynn is taking over space emptied five months ago by East Princeton, NJ-based American Reinsurance Corp., which shuttered its Dallas office. As Eckert and JLL senior vice president James Esquivel worked to land NAI Robert Lynn, they also reeled in a 4,531-sf expansion for Evergeen Alliance Golf Ltd., which had been operating out of a 9,934-sf headquarters on the sixth floor. Eckert says the pipeline has several deals working that, if closed, would fill another 18,000 sf. The opening quote is $23 per sf with 50-cent per sf annual increases--and a finish-out allowance.
Younan acquired 4851 LBJ Fwy. in August 2006, getting a building that needed only minimal changes in a submarket with a tight vacancy. "It's a good little building," Eckert says, pointing out that the fitness center "will be an added amenity that will distinguish it from the competition."
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