DALLAS-PlainsCapital Bank has signed an eight-year extension for 36,124 square feet at Park Place on Turtle Creek in the Uptown submarket. The financial institution has been a tenant in the class AA office building since the late 1990s.
Currently, PlainsCapital Bank occupies space on several floors of the 177,169-square-foot building including a ground-floor bank branch. The company is the largest tenant in the 14-story building, which is located at 2911 Turtle Creek Blvd.
As part of the renewal, PlainsCapital Bank received top-of-the-building signage, according to James Esquivel with Jones Lang LaSalle’s local office. He and Jeff Eckert, also with JLL, represented the landlord, Dividend Capital Total Realty Trust. Jones Lang LaSalle President Paul Whitman and Vice President Andy Leatherman represented the tenant, PlainsCapital Bank.
“We were committed to making a deal with PlainsCapital Bank for the long-term,” Esquivel says, adding that PlainsCapital Bank did not shop the market for other space. “We have a situation where there is a well-capitalized, flexible owner and a tenant that had a location that really worked for it.” He adds: “PlainsCapital Bank likes where it is and see the value in both Park Place and new signage.”
By keeping PlainsCapital Bank, Park Place’s occupancy stays at 70%. The quoted rate for the 1980s-era building is $28 to $30 per square foot, plus electric.
Dividend Capital acquired Park Place on Turtle Creek in December 2009 from TIAA-CREF, along with Preston Sherry Plaza, a 147,000-square-foot office/retail center. Esquivel tells GlobeSt. the Denver-based REIT has earmarked funds for to renovate the common areas of Park Place including the lobby, elevator cabs and garage. He says the final budget has not yet been determined, but there will be “significant change”.
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