"Our goal was to make the space work where they were," says one of Greystone's tenant reps, Alan Wood, vice president with Dallas-based Staubach Co. His colleague and point man for the talks, executive vice president Scott Collier, is on vacation and couldn't be reached to comment on the signing for the 843,650-sf towers at 222 W. Las Colinas Blvd.
To make the space work, an interior staircase connecting floors 21 and 22 will be extended to the 20th story, where Greystone picked up the 10,336-sf balance and roped off the top three floors in the 22-story high rise, says Bill Lokey, first vice president for CB Richard Ellis in Dallas. The Los Angeles-based CB Richard Ellis Strategic Partners' team includes vice president John Fancher, senior associate Allison Fannin and associate Susannah Wallace.
Lokey tells GlobeSt.com that talks swung into motion as soon as Greystone was alerted that the balance of the floor was going to be vacated by the Parker Group, which also emptied the 16th floor of the east tower and took 66,000 sf in the complex's north tower. If all goes as planned with the staircase's construction, Greystone Communities will move in June 1 or July at the latest.
"We moved very quickly. Greystone wanted to preserve their rights to that space," Lokey says, adding the tenant had occupied the floor at one point during its 10-year stay in the tower. Greystone's reworked lease wasn't set to expire until April 30, 2013, he adds.
The dealmakers concurred that the staircase extension was key to the deal so the company could maintain its culture in which "everyone works together," Wood says. In fact, the Greystone signing came to pass without any retooling planned for its existing 55,553 sf, he says.
"It's just an example of how strong that market is and the Urban Center," Wood says. "It's just a commitment to the market. And, we're seeing that with a lot of clients right now."
Lokey says Greystone's expansion nudged occupancy to 89%. The class AA space is quoted at $24 per sf plus electric, with 50-cent per sf annual bumps in the negotiated rate.
CBRE Strategic Partners has put about $7.2 million into the office complex since it was bought in December 2005. "We are working on some key renewals, but overall the asset is stabilized," Lokey says. "We, and our tenants, have been reaping the benefits of our capital improvements."
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