Wednesday, July 13, 2005

Downtown Dallas & Uptown Real Estate News

Downtown Dallas & Uptown Real Estate News
Heritage Galleries & Auctioneers Adds 20,833 SF to Class A Lease
By Connie Gore

DALLAS (GlobeSt.com) -Marking the fourth expansion of its world headquarters in 18 months, Heritage Galleries & Auctioneers has pulled out another 20,833 from the class A 3500 Maple in Uptown. The extra space pushes Heritage's bottom line to nearly 80,000 sf.

The world's leading numismatic dealer took over the 10th floor on an as-is basis to get immediate additional storage area for its Art/Antiques and Americana auction divisions. To keep the deal simple, the add-on was crafted as an expansion with the same 12-year term and conditions as Heritage had when it moved into the 374,165-sf building in January 2004, Robert Deptula, principal with NAI Stoneleigh Huff Brous McDowell's Dallas office, tells GlobeSt.com. Negotiations took just one month to fill a floor that's been empty more than two years, he says. At last count, 3500 Maple had 91,351 sf on the market for $21 per sf plus electric.

Deptula and NAI principal Nora Hogan represented Heritage. Jay Bailey and JJ Leonard with Capstar Commercial Real Estate Services in Dallas structured the deal for the Los Angeles-based building owner, CB Richard Ellis Strategic Partners LLC.