DALLAS-Local law firm Thompson Coe has inked a long-term renewal at Plaza of the Americas. The firm, which specializes in litigation for the insurance industry, will continue to occupy 68,324 square feet in the class A building located at 700 North Pearl St.
Thompson Coe has been a tenant in the 527,658-square-foot building since 2003 when it relocated from The Crescent, according to Craig Wilson, a senior director with Cushman & Wakefield of Texas Inc.’s local office. He represented the law firm in lease negotiations, along with Rick Hughes, also with Cushman & Wakefield. Joel Pustmueller of Peloton Commercial Real Estate represented the landlord, Equity Office.
Currently, Thompson Coe occupies the top three floors of the 25-story North Tower, which is part of a larger mixed-use project that includes an identical tower occupied by the Westin Hotel and Conference Center and 120,666 square feet of retail.
Wilson says Thompson Coe wanted to keep its options open, which led the firm to evaluate the market and consider second generation law firm space in other buildings to house its 150 local employees. However, during that evaluation process, Equity Office let it be known that it had plans to sell Plaza of the Americas.
“Equity Office’s decision to sell the asset accelerated our discussions,” Wilson tells GlobeSt.com. “They were looking to position the asset a certain way and securing a tenant like Thompson Coe for a long-term lease would help them do that. As a result, the terms the owner offered were advantageous to the tenant - to the extent Thompson Coe was willing to make a long-term commitment.”
As part of the renewal, Equity Office has provided an allowance that will allow Thompson Coe to refurbish its space. Additionally, the lease includes both expansion and contraction provisions, Wilson says.
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