The parent and operating division, now marking their third year, will vacate 45,000 sf of sublease space controlled by Atlanta-based Trammell Crow Residential, which is nearing the end of its renewal talks in Bryan Tower at 2001 Bryan St. CAS/Riverstone has taken floors 15 and 16 in the 56-story Renaissance Tower at 1201 Elm St. The soon-to-be-retooled space went dark in the latter part of 2007, a reported give-back from a law firm's downsizing.
Kathy Hansen, president of Spencer Commercial Real Estate LLC in Plano, and senior associate Chaz Walker spent one year developing real estate strategies for CAS/Riverstone, of which the headquarters relocation was just a part of the decision-making. The bricks-and-mortar decision swung to the 1.7-million-sf Renaissance Tower because there was ample contiguous room to expand, Hansen tells GlobeSt.com. "What this really bought them was time to decide their longer term expansion," she explains.
CAS was founded three years ago by former Trammell Crow Residential executives Terry Danner and Christine Freeland. The co-CEOs' first move in 2005 was to acquire locally based Riverstone Residential. Last month, they bought Realty Management Inc. of Las Vegas, a move that added 21,000 multifamily units in Nevada, Arizona and Texas to Riverstone's 155,000-unit management portfolio.
Hansen and Spencer Commercial's marketing director Stacey F. Frantz say CAS has more company acquisitions in its future so readily available space for team integrations was a primary consideration. So was an office building on the DART light-rail line, Frantz says, adding 40% of CAS/Riverstone employees ride DART each day.
Renaissance Tower has 10 open floors below CAS/Riverstone's reserved space. "It's a nice plus. We don't know if we'll need it, but certainly it's a nice opportunity to have," Hansen says.
The 11-year lease bumped occupancy to 71% in the Downtown high rise, which is still trying to regain its footing due to attrition and 2005's six-floor loss of First American Real Estate Information Services Inc., a division of California-based First American Corp. Michael Toon with CB Richard Ellis' Dallas team is the point man for Moinian Group and SMA Equities, New York City-based powerhouses who acquired Ren Tower in November 2006 for $144 million. The class A space's quoted rate is $17 per sf plus electric.
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