A Morgan Stanley spokeswoman has confirmed a deal has been signed for 3701 Regent Blvd., but won't discuss any details for the Saxon group. In bedding down the win, Koll is getting its first tenant for the 200,028-sf building. Sources say the lease spans 71,174 sf on floors one and two of the four-story building, which was completed in spring 2007.
The search began last October when Morgan Stanley's executive team announced plans to restructure its mortgage business, headquarter the operation in Irving and consolidate offices. About 500 jobs in the US and 100 in Europe were eliminated in the integration of global mortgage lines to one platform, Saxon Mortgage Services, according to the 2007 release.
Sources say move-in will begin within 90 days. Morgan Stanley previously had said the only metroplex office that will remain intact is Downtown Fort Worth at 201 Main St. According to business tax records in Dallas and Tarrant counties, Morgan Stanley also has offices at 1460 Main St. in Southlake, 8201 Preston Rd. in Dallas and three spots in Irving--5215 N. O'Connor Rd., 1431 Greenway Dr. and 222 W. Las Colinas Blvd. The company's release also said it would keep regional operations centers in Foothill Ranch, CA, Riverwoods, IL and Tampa.
Koll's Intellicenter building shares the 123-acre Regent Center campus, which has provided development space for corporate America names like CitiGroup Inc., Epsilon Data Management LLC and FedEx Corp. The development program has equity backing from Parsippany, NJ-based Prudential Real Estate Investors. Since the program launched in October 2005, it has been expanded by another $200 million in July 2007.
Koll has been evaluating additional sites in key markets for the LEED Silver design, including Dallas/Fort Worth. Morgan Stanley's new deal could trigger another Intellicenter building for Koll's land bank, whether it's Irving or elsewhere in the metroplex.
Last fall, Morgan Stanley was operating three stand-alone mortgage businesses in the US--Saxon Capital, a servicer, special servicer and wholesale originator of subprime loans; Morgan Stanley Credit Corp, a retail originator of prime loans; and Morgan Stanley Mortgage Capital Holdings, an aggregator of loans bought from correspondent lenders. Since then, Morgan Stanley has integrated servicing, conduit, wholesale and retail under one mortgage company.
Koll has CB Richard Ellis senior vice president Dennis Barnes leasing the Intellicenter building. On the North Texas Data Exchange, the space is tagged at $22 per sf to $22.50 per sf annually plus electric. Morgan Stanley had a Cushman & Wakefield Inc. team, led by executive director Gary Greenspan in New York City, running the deal. Local C&W brokers were vice chairman Robert Edge, senior directors Matthew Heidelbaugh and Gary Collett and director Mari Jones.
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