David Amend, investor relations director for Range Resources, tells GlobeSt.com that the plan calls for one floor to be built out in January for immediate occupancy while the other one is being sized up for partial occupancy or sublease until the firm needs the class A office space. Range added about 32,220 sf on floors seven and eight to its 80,000-sf contiguous block, which starts on the ninth level and pushes to the 14th in the 19-story, 312,500-sf building at 300 Throckmorton St., which is owned by Dallas-based PNL Cos.
"We felt like it was smart to go ahead even though we don't need the space right now," Amend says, adding the review process has just begun as to whether or not Range will sublease all or part of the seventh floor. Huff Partners in Fort Worth is Range Resource's tenant rep firm.
Two City Place's lead leasing broker, Chris Wright, recently jumped to Grubb & Ellis Co., but PNL president David Porter says he is keeping Dallas-based Stream Realty Partners LP in place for the office component and construction management. Stream has assigned associates Kyle Luby and Blaine Annett to the high rise, which had landed another full-floor win in August. The office component's quoted rate is $25 per sf to $30 per sf plus electric. Floor plates have 16,110 sf of net rentable space.
"We're very pleased with the leasing of the building," Porter says. "We have other leasing activity and we expect to have the building fully stabilized next year." He says the target is 95% occupancy. "And, I'm pretty confident that will be achieved," he adds.
Porter also says it will soon be time to begin work on the second phase, a 106,000-sf expansion in a 50-50 mix of office and retail in a central block connecting City Place's twin towers. The next phase will include the addition of 430 parking spaces. The Retail Connection in Dallas is hunkered down in negotiations for shop tenants. Porter's playing deals close to the vest, but did say there are upcoming announcements right around the corner.
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