Wednesday, October 05, 2016

Fountain Place's largest tenant to relocate to Renaissance Tower 

in downtown Dallas

Renaissance Tower
• 1.7 million square feet
• 1,089 parking spaces
•  less than 1 parking space per 1,000 square feet of office space

Fountain Place's largest office tenant — the United States Environmental Protection Agency's Region 6 — plans to leave the I.M. Pei-designed skyscraper in downtown Dallas for Renaissance Tower.
The U.S. General Services Administration and theU.S. Environmental Protection Agency has leased 229,000 square feet within Renaissance Tower at 1201 Elm St. in a 20-year lease agreement with landlord, Binyan Realty LP. The EPA plans to move into the new space in early 2019."We couldn't be more pleased with the search process and the outcome," said EPA's Regional Administrator Ron Curry, in a statement. "Our employee's play a vital role in our planned move and work space design, and we are eager to unpack."
The new space fits the EPA's desire to appease a diverse workforce and fits the organization's value, Curry said. The new space design will be more efficient and collaborative with more advanced technology to reduce the EPA's physical and environmental footprint.
The government agency currently leases 272,647 square feet of space at Fountain Place— a 60-story, 1.2 million-square-foot rocket-shaped skyscraper at 1445 Ross Ave. The EPA has had its South Central operations in the tower since 1985.
The government agency is Fountain Place's largest tenant. The building's second largest tenant is Tenet Healthcare Corp. (NYSE: THC), which has 242,000 square feet of office space. Last year, Tenet expanded its lease by 30 percent.
Fountain Place sold to Atlanta-based Goddard Investment Group LLC in June 2014. The deal was estimated at $190 million.
The building's lease rates have gone up in recent years as demand for well-located buildings in certain parts of Dallas continue to rise as companies relocate and expand in the region. As Goddard invests more capital into the building, lease rates have escalated.
Renaissance Tower was likely a cost effective solution for the government agency. That's because there's been a major voi d within the downtown Dallas tower ever since Winstead P.C. left the tower in late 2012 to move to a new building in Uptown.
The law firm's former space on the 40th floor within Renaissance Tower was used to film Robocop in 1986. It wasn't immediately known on Thursday if the EPA would be operate on this fall.

Written by Candace Carlisle - Dallas Business Journal