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Tenet Healthcare HQ Lease Bolsters CBD

DALLAS-Tenet Healthcare will move into 165,000 sf of Fountain Place at the end of 2009. The stair-stepped lease nudges occupancy to 87% within six months of a major loss.

By Connie Gore | Updated on August 07, 2008

DALLAS-After four months of talks, Tenet Healthcare Corp. will join the new crop of Downtown tenants, inking a 10-year lease for 165,000 sf of class A space. The headquarters lease puts Fountain Place back into the stabilization zone after six months of backfilling space from a 300,000-sf move-out.

Tenet, planning a late 2009 move-in, has become the fifth deal to be signed at the 1.2-million-sf high rise at 1445 Ross Ave. since Hunt Co. exited for a build-to-suit office building on the CBD’s edge. “We feel very fortunate in six months time to be at stabilization,” says Kirby White, leasing director for Crescent Real Estate Equities LP, who is vacationing and missed yesterday’s festivities in Dallas heralding the Downtown’s latest headquarters win.

White tells GlobeSt.com that the bulk of Tenet’s space ropes off floors 14 through 18 in the 60-story building. But, Tenet also has laid claim to 5,000 sf on floors 57 and 58, a sky room with interior staircase that Tenet will use as a conference center just like Hunt did. He says space planning will be done by fall, allowing demolition on the lower floors to get under way so finish-out can begin in the spring. “There’s not as much down time as you’d think,” he says. All he can say about the finish-out is the negotiated shared expense is “a good market TI.”

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