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Pru's Chase Tower Lease Completes CBD Shuffle

DALLAS-Prudential takes 14,750 sf for its capital markets group in the trophy's keyhole after completing the move of the loan services group to 63,000 sf across the street.

By Connie Gore | Updated on March 06, 2008

DALLAS-After investing 18 months into the decisions, Newark-based Prudential Financial Inc. has completed the last leg of a space shuffle in Downtown Dallas. The 12-year tenant at JPMorgan Chase Tower has renewed 14,750 sf of the trophy’s keyhole space for its capital markets group while shifting its loan services division to about 63,000 sf at a neighboring class A high rise.

The insurance company had occupied 39,440 sf on floors 41, 42, 43, 48 and 49 in the 55-story Chase Tower at 2200 Ross Ave. until Feb. 15. Its loan services group relocated to 2100 Ross Ave., where two full floors had been under construction for several months. Its Chase Tower lease doesn’t expire until the end of July.

Sources say the new leases range from seven to 10 years at stair-stepped rates. Pru tried to keep the highly chased deals under wraps, with word leaking to the street after the last lease signing. Pru’s broker Michael Wyatt, executive director for Cushman & Wakefield of Texas Inc., couldn’t be reached to comment on the deals.

Chase’s Sky Lobby

Sarah Payne, senior associate for Dallas-based Stream Realty Partners LP, credits the Chase Tower win to the tenant’s desire to keep its capital markets group in trophy space. The 14,750-sf lease keeps part of floor 41 and all of 42 under Pru’s control–high-profile space right off the sky lobby in the 10-story keyhole bank. “They really like the prestige associated with the sky window,” she tells GlobeSt.com. “And, they were willing to pay a premium for that. We’ve had several new groups to Dallas lease space in the sky window.”

Chase Tower’s keyhole floors are quoted at $37 per sf plus electric. In contrast, 2100 Ross’ class A space is tagged at $19 per sf to $21 per sf plus electric.

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