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DALLAS—Cozen O'Connor, an AmLaw Top 100 law firm, has been a tenant at Comerica Bank Tower at 1717 Main St. since 1998. Comerica Bank Tower has long been a location for top law firms but as a lot of law firms have realized, it was time for new space.
After surveying other options in the market, the firm came to the conclusion that it still preferred the building. In addition, the amenities around the building have improved dramatically. That is where the landlord, M-M Properties, stepped up with a creative idea.
The idea was to relocate Cozen to another floor, build out next generation law firm space for it and design the common corridor with a more modern aesthetic to complement the space that Cozen was envisioning. The result was Cozen moving from the 34th floor of the building to the 31st floor, where it leased 12,177 square feet of space in a renewal transaction.
“Our contention is in most cases, law firms need new space, not necessarily a new building. Comerica Bank Tower is one of the top two to three buildings in the city and provides the top walkable amenity base of any office building in the city (96 walk score). Combine new, efficient space with the overall savings that can be achieved here versus options in the Arts District and Uptown, the increased profitability has to be a competitive advantage for the firm in the future. Not only do you have the tools to recruit and retain the best talent but the firms can be more profitable,” said Mike Silliman, senior vice president of leasing and in-house representative for M-M Properties.
The new modern common corridor design provides a juxtaposition to the classic architectural design of the building and complements the new Cozen O'Connor space. From the tenant's perspective, the move will allow Cozen to build out next generation law firm space. It incorporates a centralized client/conference area, glass walls, sidelights and collaborative common areas into the new design.
“The ideal reconfiguration of the space to meet Cozen's evolving needs helped to seal the deal for Cozen. The new space is designed to incorporate the things today's law firms are looking for in their office environment, yet is very efficient relative to the key metric of attorney-to-square-foot ratio,” said Mike Gosslee of Cushman & Wakefield who represented Cozen O'Connor in the deal.
Comerica Bank Tower was designed by Philip Johnson and is widely considered to be one of the most prestigious buildings in the Dallas-Fort Worth market. The building totals 1.5 million square feet and is 60 stories tall, making it one of the most recognizable buildings on the Dallas skyline. Its classic design, location and abundant amenities offer tenants a prestigious corporate address and the tools to recruit and retain talent.
“Cozen O'Connor is a great firm and renewal for the building,” Silliman tells GlobeSt.com. “One of the things I think about a lot is the quality of firms we have at the building and having the top number of AmLaw-rated firms in the city officing at Comerica Bank Tower. I think that is counter intuitive to what most people think. It was important for the building to retain a firm with this prestigious designation.”
This lease comes on the heels of the recent renewal of Comerica Bank's corporate headquarters lease of 222,970 square feet and new leases with Southwest Media Group (24,000 square feet) and HighGround Advisors (26,000 square feet).
Comerica Bank Tower is owned by a joint venture of M-M Properties Inc. and TriGate Capital LLC. The two firms partnered on Comerica Bank Tower to provide a combination of local ownership and the advantage of a hands-on approach of service, operations and efficient decision making.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
