IRVING, TX-After undergoing a $1 million plus renovation, Crestview Tower has closed two leases totaling 31,424 square feet.
MMC Group LP signed a new five-year lease for 23,300 square feet, and Huntington Hospitality Group Inc. signed a new seven-year lease for 8,124 square feet. The deals bring the 263,000-square-foot office tower to 50 percent occupancy, according to Tim Terrell, executive vice president of Stream Realty Partners LP. He and Rebecca Rambie, also with Stream Realty Partners, handle the leasing of Crestview Tower on behalf of the owner, TA Associates Realty.
Stream Realty Partners took over the exclusive leasing assignment for Crestview Tower on April 1 from Holt Lunsford Commercial. Located at 105 Decker Court, the 11-story, class B+ building had lost a number of tenants including lead tenant Liberty Mutual. The property leases for $18 to $19 per square foot, plus electric.
MMC Group is a current tenant in Crestview Tower, occupying about 14,000 square feet on the first floor for its corporate headquarters. The company, which provides professional and technical services, is expanding and will occupy the entire 11th floor.
MMC Group will move in no later than October. The company was represented Alan Wood and Paul Whitman with Jones Lang LaSalle.
"The MMC deal was extremely competitive – a hard fought battle,” Terrell tells GlobeSt., adding that the renovation influenced the company’s decision to stay in the 1980s-era building.
The renovation included an extensive new design of common areas that focused on elements to unify and complement the existing limestone walls. New porcelain tile floors and chocolate-colored wall panels anchor the space. Additionally, the renovation added on-site amenities including a new fitness center and locker rooms, a full-service deli and conference room.
Huntington Hospitality Group is relocating to Crestview Tower from 4545 Fuller Dr. where it occupied 3,500 square feet. The firm, which develops and manages premium brand select-service hotels, is more than doubling its corporate headquarters on the fifth floor. The company was represented by Chris Morrow with FinleyMorrow.
“The stability of ownership provided by TA Associates Realty also drove the deals,” Terrell says. “In today’s market, ownership is critical in leasing decisions, and TA is one of the best capitalized and reliable owners in the Metroplex.”
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