DALLAS-Two more law firms have roped off 23,196 sf of upper bank space in Bank of America Plaza, a 1.8-million-sf trophy that's been a CBD nesting ground for the legal industry. It's estimated that law firms occupy roughly 50% of the 84%-leased space in the 72-story building.
Marshall White LLP is taking 10,985 sf on the 41st floor for a slight expansion in the high rise and Adorno, Yoss, White & Wiggins, now at 1999 Bryan St., took 12,211 sf on the 62nd floor at 901 Main St., according to Lawrence Gardner, director in Dallas for Cushman & Wakefield of Texas Inc. He tells GlobeSt.com that Marshall White inked a seven-year lease and Adorno, Yoss, White & Wiggins signed for a 10-year stay.
“When tenants are looking, Bank of America Plaza is always going to be a major player for law firms in the market,” Gardner says, citing its proximity to the courthouse and floor plate design. “There are numerous deals in the market. Bank of America is on the short list and it's not just law firms.” The newest signings went full circle in six months.
Marshall White is taking over space emptied by the law firm of Susman Godfrey, which relocated last year to the entire 51st floor. A short-term tenant was shifted to another spot in the building to make way for Marshall White. A moderate finish-out is under way. A Dec. 1 move-in is planned.
Planning to occupy May 1, Adorno, Yoss, White & Wiggins is taking over Cushman & Wakefield's management office, also getting a moderate finish-out. “It's not a gut and redo. The layout was conducive to law firms,” says Gardner, who teams with C&W's senior director Daryl Mullin to lease the building for Dallas Main LP, an affiliate of the Mann family from Germany. Brad Hannagan with Holt Lunsford Commercial Inc. in Dallas, represented Marshall White and Rod Bailey, vice president for Dallas-based Staubach Co., worked out the terms for Adorno, Yoss, White & Wiggins.
Bank of America Plaza's quoted rate is $19 per sf to $21 per sf plus electric. The lease values are off limits, but both “were definitely market-rate deals,” Gardner assures. “Signature class AA buildings in the Downtown are better positioned than some properties in the core. These aren't the buildings that have to make significant rate concessions to win deals that are out in the market.”
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