Employers Direct Health Finalizes
18,750 SF Headquarters Lease
DALLAS Influenced by the location and interior design, Employers Direct Health Inc. has signed a seven-year renewal for an 18,750-sf headquarters office, getting a right of first refusal on the balance of the 27,000-sf Cooley Building in the Quorum/Bent Tree submarket.
"Renewals are as tough as or tougher than new deals because tenants are always shopping the market. A deal of this size is heavily courted," stresses Sharon Friedberg, senior vice president of Dallas-based Bradford Commercial Real Estate Services. She and partner, Melanie Hughes, also a senior vice president, have just finalized three long-term office renewals, all for North Dallas landlords.
Employers Direct Health's brokers Jack Moravcik, senior vice president of Swearingen Realty Group LLC of Dallas, and Bruce M. Hecht, executive vice president and managing principal had nearly 40 options in the high-profile office corridor to leverage negotiations with the Bradford team for the hidden jewel at 5050 Spring Valley Rd., a two-suite building with a coveted location near the entrance of the Dallas North Tollway.
"This building gives them the opportunity to have name recognition in a great location that's surrounded by high rises," Hughes says.
It took nine months to lock in the deal for the local landlord, Regis Properties. In the end, Employers Direct Health not only renewed, but took a right of first refusal on the adjoining 8,250-sf suite, a "plug 'n play" opportunity left by the former tenant, Icon Development Co.
"It's a single-story, ordinary-looking building until you walk in the doors," Friedberg says. "The space is really beautiful inside and very cool."
The Bradford team's recent round of deal making included two class A office renewals for North Central Plaza III at 12801 N. Central Expressway, a 349,569-sf high rise owned by California-based YPI Central Expressway Properties LP. Joseph K. Simpson of Banner Commercial negotiated a 3,175-sf lease on behalf of JHB LLP, a public accountant, while James Davis of NAI Robert Lynn represented the Douglas K. Dunham law firm in its 1,680-sf renewal.
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