Monday, August 08, 2005

Downtown Dallas & Uptown Real Estate News

Negotiations Cross Off Four More Renewals in Fountain Place

DALLAS (GlobeSt.com) - Four more renewals, totaling 21,696 sf, have been erased from the 2005 slate for the leasing team at the 1.2-million-sf Fountain Place. With this year's renewals put to bed, the class A high rise is resting at 94% occupancy.

"In addition to these four, it's really been a good year. We've leased over 51,000 sf so far in renewals and expansions," says Kirby White, leasing director for Fort Worth-based Crescent Real Estate Equities Co., a joint venture owner with the New York City powerhouse, JPMorgan Asset Management. White tells GlobeSt.com that all leases for the 60-story building at 1445 Ross Ave. in the CBD have been carrying five year terms, on average.

The latest flurry delivers two office and two retail leases, with lipstick-type tenant improvement packages like paint and carpeting. The financial firm of Gerald L. Ray & Associates Ltd. re-upped 10,646 sf and Primera Cos. held fast to 3,086 sf in straight-up renewals for their offices. Avanti Restaurant and Gateway Newstands renewed 6,764 sf and 1,200 sf of retail space, respectively. Bruce Hecht with Swearingen Realty in Dallas negotiated on the financial firm's behalf while Jeff Schweitzer with locally based Stream Realty Partners LP handled talks for the real estate firm, Primera.

White says there are three new deals and one expansion under negotiation for Fountain Place.

"We have some good solid prospects that we are actively working," he says, "and hopefully will make in the third quarter." The opening quote for talks is $23.50 per sf to $26.50 per sf although he previously said recent deals have been averaging $25 per sf.

Image inset: Downtown Dallas - Fountain Place; Globest.com