In inking the deal, the engineering firm carved out its second expansion at 1845 Woodall Rodgers since 2001 when it moved into the 147,401-sf building. Just last year, the firm, part of the team for the Dallas Cowboys Stadium in Arlington, not only expanded but extended its lease in the tower. The co-terminus stair-stepped pacts for 2,200 sf on the 12th floor and parts of the 10th and 16th floors have slightly more than five years to go on the terms, Tim O. Terrell, executive vice president for Dallas-based Stream Realty Partners LP, tells GlobeSt.com.
To get the extra room, Terrell says the owner, Charter Holdings LP of Dallas, exercised a relocation/cancellation option in another tenant's lease. Terrell was tasked with finding new space to meet the bumped tenant's needs so Walter P. Moore & Associates could expand. With the space now emptied, finish-out can begin on the Advancial Tower opening. Move-in is planned for Feb. 1.
Terrell says the Houston-based engineering firm, using an out-of-town broker, did look around the Downtown. "But they saw that we were quoting market rents," he explains. The building's quote is $23 per sf plus electric. The expansion took roughly four months to bed down.
Terrell says the deal kept Advancial Tower at 100% occupancy, a level it achieved three months ago. "The key driver for that building is location," Terrell stresses, citing its accesses to the Dallas North Toll Road, Interstate 35 and Woodall Rodgers Freeway.
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