Monday, December 21, 2009

Carlson Renews, Expands to 44,000 SF

DALLAS-Billion-dollar hedge fund Carlson Capital LP has decided to stay put at its current digs uptown, taking 43,663 square feet at the 350,000-square-foot 2100 McKinney class A office building. The 10-year renewal also expands Carlson Capital's space from its current 38,518 square feet.

Celeste Fowden with CB Richard Ellis' Dallas office tells that the lease was set to expire at the end of 2010, and Carlson Capital decided to see what else was out there. "We competed against the market. There are a lot of competitive deals available to tenants, and when it comes to a quality tenant like Carlson, everyone wants them in their buildings," acknowledges Fowden, who paired with CB's Worthey Wiles on behalf of building owner Metropolitan Life Insurance Co. Craig Wilson, Greg Biggs and Randy Cooper of Cushman & Wakefield of Texas Inc. represented the tenant.

Fowden says Carlson Capital will relocate to the top two floors of the building during summer 2010, taking the entire 19th floor and the majority of the 18th floor. The move required relocating a couple of existing tenants, as Carlson Capital wanted the top two floors as part of the renewal, she adds.

The building is currently 60% leased, with a block of approximately 120,000 square feet of contiguous space available. Two tenants, Crow Holdings and Texas Capital Bank, are leaving by year-end. Crow Holdings is relocating to a new campus, Fowden says.