Tuesday, September 02, 2008

FDIC Adding 125,000 SF to Energy Plaza Sublease

DALLAS-Due to increased workload, the FDIC's regional office has grabbed another 125,000 sf in the CBD's Energy Plaza in a five-year sublease with Energy Future Holdings Corp., formerly TXU Corp. The federal agency moved in about one year ago, taking 185,000 sf in a 10-year sublease.
An FDIC spokesman tells GlobeSt.com that the extra floors are being filled in stages, with full occupancy to be completed by Nov. 1. The FDIC, which occupies floors 32 through 38, is adding 17 through 20 in the 49-story Energy Plaza at 1601 Bryan St. "The space will house various divisions of the Dallas regional office as the result of increased workload," says the spokesman for the nation's largest federal banking regulatory agency.

EF Holdings' divisions occupy the rest of the 1.06-million-sf high rise in a master lease that expires July 1, 2022 with the Boston-based owner, US Bank, a successor in interest to State Street Bank and Trust Co. of Connecticut.

EF Holdings has been shuffling its teams since its predecessor's sale in October 2007. GVA Cawley started the sublease assignment about 18 months ago, with 250,000 sf to backfill. But as the internal shuffle plays out, more of the class A-minus space has hit the sublease market.
GVA Cawley's Michael Pierre and Scott Hobbs are now courting the market with a 232,000-sf contiguous block on floors seven through 15. The quoted rate is $14.50 per sf plus electric.

"We're looking for all size tenants," emphasizes John Conger, principal of Dallas-based GVA Cawley. "We feel activity is really good. We have some big tenants looking in the Downtown market."

Pierre likes to point the high rise's features for its chief selling points: 14 conference rooms, mass transit on its doorstep, retail in the tunnel underneath and an IM Pei design. "We've got a large block of space and we're being very aggressive," Pierre says, adding the right size deal could emblazon a tenant's name across the top of the building.