Wednesday, October 15, 2014

Woods Capital lands new Thanksgiving Tower tenants with massive redo

Dallas-based Woods Capital has signed deals totaling more than half-a-million-square feet since the group purchased the 50-story skyscraper in July 2013, in part because of a massive renovation.

"The leasing activity at Thanksgiving Tower to date is an endorsement of the tower's quality as well as the excitement each of these tenants shares for the pending building renovations and the accelerating gentrification of downtown," said Woods Capital CEO Jonas Woods, in a statement.

"We are thrilled to be participating in and contributing to the Main Street district's ascent and revitalization," he added.

Woods Capital could benefit from the City Center tax increment financing district being re-mapped, which could result in $6 million in incentive funds based on the investment in the aging skyscraper.

Along with Dallas-based Santander Consumer USA that's in the process of moving its 1,400 employees into about 373,000 square feet of office space, or about 14 floors, Woods Capital has renewed Gray Reed & McGraw P.C. law firm for 58,300 square feet on the 46th and 47th floors in a long-term lease.

Sanders Thompson of Transwestern represented the firm in that deal.
Other tenants signed for the evolving building include:
  • Vincent Lopez Serafino Jenevein P.C. for 18,000 square feet on the 41st floor.
  • The Better Business Bureau of Metropolitan Dallas for 11,700 square feet, with plans to relocate within the building to the 16th floor in January 2015.
  • Beasley Hightower & Harris P.C. to a renewed lease for 7,300 square feet on the 42nd floor.Paul Stockard of Infiniti Commercial and Sanders Thompson of Transwestern represented the tenant.
  • Hemco Operating Inc., part of Hunt Exploration Mining Cos., expanded its lease to 6,600 square feet with plans to relocate to the 35th floor.
  • Crutsinger & Booth LLC has extended its 5,300-square-foot lease in the building. Alexis Martinez of Rubicon Representation LLC represented the tenant.
  • ReidCollins & Tsai LLP leased 4,600 square feet in the renovated 42nd floor. Dan Harris andCraig Wilson of Cassidy Turley represented the tenant.
Jon AltschulerRebecca SmithMike Dement and Sam Meginnis of Dallas-based Altschuler and Co. represented Woods Capital in the deals.

Woods Capital plan to spend about $18 million enhancing the base of the skyscraper, which includes adding a valet area, putting in about 10,000 square feet of retail space and modernizing the lobby and building amenities.

Construction is scheduled to start by the end of the year, with completion expected next summer.
Candace covers commercial and residential real estate and sports business