Metropolitan takes Dallas by storm; inks 164,000 s/f deal with bank.
Metropolitan Real Estate Investors, LLC, which has acquired more than $1 billion of Class A office properties in the last eight months, has inked one of the most prominent lease deals in recent Dallas history.The New York City-based firm announced that Comerica Bank has signed a long-term relocation lease totaling 164,000 s/f in the building formerly known as Bank One Center, a 60-story, 1.5 million square foot office tower in downtown Dallas.
In July, the national investment firm purchased the Lipstick Building at 885 Third Avenue and 292 Madison Avenue in Midtown Manhattan. Metropolitan purchased the Class AA Bank One Center in December of 2006.
"The successful repositioning of this unique property took months of intricate and detailed work," said Haim Revah, chairman of Metropolitan. "This transaction reaffirms our strategy of investing in Class A properties situated in central business districts."
"Comerica completed an extensive public search process of the Dallas area," said Jacob Abikzer, president of Metropolitan. "Their decision to sign on as the lead tenant is testament to the strength of this asset. Comerica's relocation is great news for the city of Dallas."
Designed by Philip Johnson and John Burgee, the site at 1717 Main Street will serve as the new corporate headquarters of the Detroit-based bank. It is renamed Comerica Bank Tower, effective immediately.
Comerica will lease the first five floors of the tower and will have a banking center on the first level. The length of the lease is 15 years. No other terms of the transaction were released.
In addition, as part of Metropolitan's strategy to attract Comerica as the office tower's core tenant, the investment firm reached an early termination agreement with JPMorgan Chase. JPMorgan Chase is leasing more than 350,000 square feet until January 2010 but, under this agreement, will depart at the end of this year. An existing financial services tenant--which had been subleasing from JPMorgan--will remain in the building, occupying 104,000 s/f of this space.
Don Dowell and Tracy Fults of Cushman & Wakefield of Texas, Inc. and Wayne Malecha from Jackson Walker, LLP represented Metropolitan Real Estate Investors, LLC. Metropolitan's CFO, Steve Korn, was instrumental in the negotiation.
Larry Toon and Carl Ewert of The Staubach Company with Phil PuckeR, John Woolsey and Chris Herrmann of CB Richard Ellis represented Comerica.
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| Title Annotation: | NATIONAL ROUND-UP |
|---|---|
| Comment: | Metropolitan takes Dallas by storm; inks 164,000 s/f deal with bank.(NATIONAL ROUND-UP) |
| Publication: | Real Estate Weekly |
| Date: | Aug 22, 2007 |
| Words: | 387 |
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