DALLAS-After investing nearly 10 months into the search, Chicago Title Insurance Co. has re-upped for another five years in the CBD's Bryan Tower. The 26,203-sf regional office lease was one of the city's hot pursuits in recent months.
“There was some very attractive pricing from four different buildings,” Tim O. Terrell, senior vice president and partner of Dallas-based Stream Realty Partners LP, tells GlobeSt.com. “Things got very competitive at the end of the day.” Chicago Title's office size, prestige and creditworthiness sparked the hard race by all Downtown owners of class A buildings. Houston-based Spire Realty Group LP banked the full-floor win.
Chicago Title is marking its 10th year in the 1.1-million-sf building at 2001 Bryan St., now housing roughly 75 team members on its 17th floor. “Spire stepped up and made us an offer that we thought was acceptable,” Terrell says, adding finish-out was a key consideration as is so often the case these days. He says there was concern it would be too difficult to renovate the existing space without disrupting operations. “We came up with a schedule and game plan that made us comfortable,” he says.
Terrell says Chicago Title looked only at Downtown buildings. “That's where they felt they needed to stay,” he adds.
Spire's former leasing team with CB Richard Ellis–vice president Russ Johnson and senior vice president Michael Dudley–bed down the deal for the owner although the assignment changed hands midstream in the talks. The Jones Lang LaSalle-quoted rate is $16 per sf to $21 per sf plus electric.
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