Nuveen Signs 104 KSF Tenant in Dallas
Gas firm Merit Energy Co. has signed a 104,034-square-foot lease at Nuveen Real Estate’s Two Lincoln Centre, a 620,000-square-foot office building in Dallas. The company will relocate its headquarters to floors 10 to 12 within the 19-story property.
Cushman & Wakefield brokered the deal on behalf of both parties. To accommodate the agreement, three tenants were moved within the Lincoln Centre campus.
Merit Energy will move from its current space at Galleria North Tower II, where it occupies nearly 127,000 square feet. That building, owned by DWS, encompasses more than 306,000 square feet and is less than 2 miles from the firm’s future location.
READ ALSO: Return-to-Office Traffic Reaches Record Level
Located at 5420 Lyndon B. Johnson Freeway, Two Lincoln Centre is part of a campus that comprises three office towers and a three-story creative office facility, along with a 500-key hotel. Amenities within the Lincoln Centre complex include conference centers with video conference capabilities, a food hall, a fitness center and a park.
Nuveen acquired the campus in December 2005 for $255 million, according to CommercialEdge information. MetLife Real Estate Investment sold the asset.
Built in 1981, Two Lincoln Centre was completely renovated in 2004 and underwent further upgrades in 2021. The Class A high-rise features floorplates averaging 33,529 square feet and 12 passenger elevators, as well as more than 2,020 parking spaces.
The property provides easy access to Interstate 635. Downtown Dallas is some 12 miles away, while the DFW International Airport is 15 miles southwest.
Cushman & Wakefield Vice Chair Matt Schendle, Managing Director Zach Bean and Senior Associate Mary Frances Burnette represented Nuveen, while Executive Vice Chair Jeff Ellerman and Executive Vice President John Ellerman negotiated on behalf of Merit Energy.
More vacant office space in the Metroplex
Dallas-Fort Worth’s office vacancy rate at the end of October clocked in at 23 percent, well above the 19.4 percent national index, according to a CommercialEdge office report. The metro registered a 350-basis-point increase year-over-year in vacant space. Only Austin (27.7 percent) and Houston (24.3 percent) fared worse in the South region.
In August, Bank of America signed a 553,799-square-foot lease renewal at Hallmark Center I in Addison, Texas. The entity occupies the whole campus owned by The RMR Group.
A month earlier, Santander Consumer USA renewed its 211,087-square-foot lease at 1601 Elm St. Pacific Elm Properties owns the 50-story, 1.4 million-square-foot mixed-use tower that was completed in 1981.
The post Nuveen Signs 104 KSF Tenant in Dallas appeared first on Commercial Property Executive.
