The law firm is filling all but 3,000 sf of the 20th floor of the 40-story office building at 801 Cherry St. in the CBD. The tenant's broker, Rick Hopwood of NAI Huff Partners, tells GlobeSt.com that the new deal has replaced one that was set to expire in April 2009, with the finished contract including rate bumps and a right of first refusal on the floor's remaining space.
Hopwood says the deal took three months to seal, including an evaluation of other Downtown options. "They really like the building and where they are," he says, "so they decided to make a deal at Burnett Plaza. The building's owner was helpful in making this work those guys. Both parties should be applauded for working together."
Hopwood says the law firm essentially swapped 3,000 sf of non-contiguous space on the 20th floor for 3,500 sf of abutting space in repackaging its office size. Jack Clark with Radnor, PA-based Brandywine Realty Trust represented the owner, Behringer Harvard Opportunity REIT I of Dallas.
Hopwood says the law firm moved into the high rise in the aftermath of the 2001 tornado that ripped through the Downtown. The team started as a temporary tenant "and ended up being permanent," he adds. According to the North Texas Data Exchange, the one-million-sf high rise's quoted rates are $16.50 per sf to $25 per sf.
Just last month, Cook Children's Physicians Network took 66,873 sf in the building. The five-year lease opened the door for the hospital board to begin planning an overhaul of its Fort Worth campus.
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