Included in the plan is the 274,684-sf Stanford Corporate Centre, which Prime Income will close on in six weeks and construction plans for two buildings that will add 520,000 sf of class AA space to the portfolio. "We felt like we needed to make some changes to re-energize the assets," Scott Porter, senior vice president of leasing for Regis Property Management LLC and Prime Income's point man, tells GlobeSt.com. Capstar Commercial Real Estate Services of Dallas has been in charge of much of the prized package since October 2007.
The 412,526-sf Centura Tower I at 14185 N. Dallas Pkwy. will pass to Tim Terrell, executive vice president and partner of Dallas-based Stream Realty Partners LP. With the building at 93% occupancy and Capstar working a 12,000-sf deal, Terrell's chief task will be to find a lead tenant for the proposed Centura Tower II.
Four Hickory Centre |
Johnson and Permenter also have been tasked with the preleasing charge for the long-awaited 100,000-sf Three Hickory Centre, an $80-million project. Their other mission is to convince the owners of the Omni Dallas Hotel at Park West at 1590 LBJ Freeway to substitute Mercer Crossing for Park West.
The 509,559-sf 600 E. Las Colinas will be leased by Mike Pierre, director of with Dallas-based GVA Cawley. He is moving into a multimillion-dollar renovation scenario, set to begin in two weeks.
Porter says each asset had a different need that the owner felt would benefit from the change in today's leasing environment. "We're going to be aggressive. We're going to do what we have to do to make deals," he says.
Porter says Terrell was tapped to lead the Centura play because he's shown his skills in the submarket with the 351,872-sf JPMorgan International Tower III at 14241 Dallas Pkwy., whose new owner slid in its long-time brokerage house, Transwestern Dallas. Porter says the sale created an opportunity to get a submarket-savvy broker with no assignments for competing buildings in the immediate area.
"We're looking for a lead tenant. We felt Stream was in a good position to develop a plan and execute that plan," Porter says. "Our big push is to get preleasing for Centura Tower II."
Porter's best guess is the second tower will cost at least $100 million to build. The 420,000-sf high rise will be similar to the 15-story Centura Tower I.
Terrell also will get Stanford Corporate Center at 14001 Dallas Pkwy. after the deal closes, according to Porter. The deal has already gone hard.
The plan is to tie the 95%-leased Stanford to Centura by developing the extra land that connects them and the freestanding health club, Telos Performance Center at 13701 N. Dallas Pkwy. Porter says the land is being sized up for a mid-rise multifamily project. "We're also in the process of identifying a hotel," he says.
Terrell believes he won the portfolio's crown jewel. "All of them are nice, but I've always thought Centura was one of the finest buildings in the metroplex," he says. The sweet spot is its high occupancy and stable lease roll, which he says will allow him to focus on finding a lead tenant for the upcoming project.
For Pierre, his piece is a 72%-leased high rise in the Las Colinas Urban Center. The 22-story building at 600 E. Las Colinas Blvd. has had mechanical systems upgraded, but there's still plenty of work to do. Porter says work will begin in two weeks to revamp the multi-tenant restrooms and fitness center. A lobby overhaul will get underway in 60 days. Bids are now being gathered.
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