John F. Crawford, president and CEO of DowntownDallas says growth and other factors necessitated a change of space from its current 6,000-square-foot location at the Adolphus Tower. He says Chase Tower at 2200 Ross Ave. was the location of choice for a variety of reasons.
"Hines' financial commitment to the CBD and Stream Realty's creativity helped make a difference as we evaluated our options," Crawford acknowledges. He says other options were considered, including staying put at the 182,327-square-foot Adolphus Tower at 1412 Main St. Though Crawford opted to move his organization, "the reason we're moving has nothing to do with the location or quality of the Adolphus," he comments.
Sarah Payne, vice president with Stream Realty Partners LP's Dallas office says DowntownDallas is moving into empty space, which was once home to Greenberg Traurig. Greenberg Traurigmoved out about a year ago to take part of Chase Tower's 53rd floor in addition to its offices on the 51st and 52nd floors.
As a result, DowntownDallas' deal required "very minimal TIs," Payne tells GlobeSt.com. "We're doing a couple of modifications, we're moving a wall or two and are painting, but otherwise, the space is perfect for them." The quoted lease rate for the tower is $37 per square foot, plus electricity.
Payne says occupancy at Chase Tower is around 92%, and the majority of space remaining is on the 40th floor. That space may not be available for long, though, thanks to the new tenant, which is a non-profit organization dedicated to the revitalization and sustainability of the CBD.
"John Crawford is a great cheerleader for downtown. Having him and his organization in our building speaks volumes for the quality of this asset," Payne says. "He's already pointing us in the direction of some potential new deals."
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