Tuesday, October 14, 2008

Medical Group Leases 47,436 SF

Dealmakers are keeping the identity under wraps of a new two-floor tenant for the 404,324-sf Lakeside Square in the Park Central submarket. Sources tell GlobeSt.com that the 47,436-sf newcomer will be an affiliate of Blue Cross Blue Shield of Texas Inc.

CB Richard Ellis' Dallas team of vice president Celeste Fowden and senior associate Burson Holman represent the three-year owner, Younan Properties Inc. of Los Angeles. Daniel T. Paterson, president of locally based Swearingen Realty Group LLC, was the tenant rep.

The hospitalization carrier's affiliate will turn on lights Dec. 1 on floors five and six in the 16-story tower at 12377 Merit Dr. According to a CBRE press release, talks went full circle within 60 days.

Blue Cross Blue Shield leases the 154,329-sf Greenway III at 2400 Lakeside Blvd. It's also watching a one-million-sf campus campus rise at 1001 E. Lookout Dr. in Richardson.

The long-term lease edges Lakeside Square's occupancy to 93%. Leasing velocity, year to date, is hovering 177,000 sf, with the class A asset's quoted rate now at $19.50 per sf plus electric.