GlobeSt.com has confirmed the full-building lease for 6665 MacArthur Blvd. has been cemented with a term exceeding 10 years. Dealmakers are unable to discuss details. The new tenant also has declined comment, adding that a press release will be forthcoming at the end of this week.
Word is Caris Diagnostics plans to consolidate several locations in Greater Dallas in late spring or early summer to the three-story building, owned since June 2001 by New York City-based iStar Financial Inc. Caris' headquarters presently is located at 8400 Esters Blvd., also in Irving, while its leases other space at 1473 Terre Colony Ct. in Dallas, 310 E. Interstate 30 in Garland and 5215 N. O'Connor Blvd., also an Irving address.
Caris' lease could be the largest one inked to date this year in Las Colinas, a favored landing spot for corporate America. Verizon's 10-year lease of the 11-year-old building burned out in March, with the telecommunications giant moving the division back to its nearby campus.
Sierra at Las Colinas was primarily marketed for single-tenant use after Verizon's exit. The quoted rate was $22.50 per square foot to $23.50 per square foot plus electric. Given the leasing velocity in recent quarters, it's a safe bet that talks were somewhat aggressive to win the full-building deal. According to Cushman & Wakefield of Texas Inc.'s third-quarter stats, the 26.7-million-sf submarket is 23.5% vacant, but leasing activity filled 1.6 million square feet in Q3. an increase of 260,339 square feet from Q3 2007's closed deals. The report put the average rent at $22.24 per square foot, up 90 cents per square foot in the past year.
Caris Diagnostics, a wholly owned subsidiary of CDx Holdings, is a privately held investment partnership with more than $350 million of assets under wing, according to its website. The company focuses on long-term strategic investments in a variety of industries, including health care, energy and financial services. Because dealmakers and the company are mum about the deal, it could not be determined if the new lease is a signal that another company or additional assets have been bought.
Caris had Jones Lang LaSalle managing director Scott Collier and senior vice president Doug Carignan overseeing the site search and lease negotiations. The building owner's re-tenanting drive was led by Atlanta-based Cousins Properties Inc. senior vice president Mark Dickenson and vice presidents Matt Schendle and Cynthia Cowen.
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