Prime Income's Leasing Changes Impact 3M SF

DALLAS-Prime Income Asset Management Inc. has reassigned 1.5 million sf of top-tier office space, divvying the prime assignments among three companies after a five-month run with one firm. All keys change hands May 15, triggering a plan that ultimately impacts 3.46 million sf in the metro.

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

The 425,653-sf One, Two and Four Hickory Centre buildings are being handed to the same CB Richard Ellis team that is handling the rest of Prime Income’s 1,000-acre Mercer Crossing. CBRE vice president Russ Johnson and senior vice president Kathy Permenter are crafting a re-branding strategy for all Prime Income-owned buildings in and around the North Dallas park. The re-branding includes the 696,524-sf Fenton Centre I and II at 1501-07 LBJ Frwy. and the 627,312-sf Browning Place at 1601-07 LBJ Frwy.

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.