The leasing rally includes two headquarters, including the 41,225-sf expansion by a tenant right across the street, Dr. Pepper Snapple Group Inc. John Brownlee, senior vice president and partner of Dallas-based Koll, tells GlobeSt.com that the multi-tenant drive for the one-time, single-tenant building at 5360 Legacy Dr. has been so successful that a second 396,715-sf structure is ticketed to go the same route.
Koll Development originally started chasing one large tenant for the campus, and then swung one building to a multi-tenant marketing blitz. The campus' third building, in all likelihood, will be the only one banked for a single tenant, Brownlee says.
Dr. Pepper Snapple, signing a five-year lease, is taking nearly all of a 55,000-sf first-floor wing in the three-story building. Move-in is planned for mid-August. Brownlee negotiated the deal with Paul Malton, the inbound tenant's director of real estate.
World Ventures grabbed the entire third floor of its wing, taking as-is space in a six-year lease with just a minor retrofit planned for the former EDS Agility space. Brownlee says the firm will get keys in mid- to late August. The travel agency is coming out of less than 20,000 sf at Preston Park Financial Center at 13355 Noel Rd. in Dallas, according to Brownlee. The tenant rep was Matt Hurlbut with Transwestern Dallas.
Taking 12,683 sf is Group360 Inc., a St. Louis-based packaging design firm. Brownlee says the company leased 6,800 sf one year ago for a regional office on the first floor of another one of the building's four wings. He says the reworked deal has a four-year term, with occupancy planned for mid-July. Independent broker Michael Neitzel of Dallas represented Group360.
Brownlee says MarketNet Inc., coming in mid-August, took 10,185 sf in a five-year lease. The company has been working in 7,000 sf at 15433 Noel Trail Dr. in Keller Springs. MarketNet had Dallas-based Henry S. Miller Commercial's executive vice president Darrell Hurmis and associate Garrett Inman doing its bargaining.
Just settling in is Teleca USA Inc., which took 7,800 sf, also on the first floor. Jonathan Hill of Finley Morrow in Dallas negotiated the five-year lease for the tenant, which vacated an office at 1800 Preston Park Blvd. in Dallas.
Brownlee says the Campus at Legacy is the largest open block of class A space in Dallas/Fort Worth. The 5360 Legacy Dr. building has 40,000 sf of contiguous space still to fill due in part to a handful of tenants that were inherited when the JV bought the property in a $217-million deal for 2.75 million sf of EDS real estate in October 2005. EDS had leased 230,000 sf after the sale, but downsized to 120,000 sf over time, vacating the last of its space in three months ago.
After EDS moved out, Brownlee says Koll revamped the building's lobby and common areas and added a food-service shop and fitness center. Plans are being drawn up to add a cafe-type shop to the other two buildings at 5320 and 5340 Legacy Dr. as well.
Brownlee says the decision to add more multi-tenant space is mortared in the activity that he's seen to date in the far north Dallas submarket. "We have way more potential deals than we have space," he says. "Any deal of any size is going to look at our space."
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