Dallas Executive Suite Operator Expands

DALLAS-Meridian Business Centers has added 4,656 sf at One Energy Square in a reworked pact with a five-year term for a total of 15,465 sf. The deal-makers started talking about the expansion with four years to go on the existing class B lease.

“What is significant about this deal, in my mind, is we’re seeing small tenants grow and that’s what sparks an economic recovery,” Blair Oden, senior vice president in Dallas for Transwestern Commercial Services, tells GlobeSt.com. Meridian, prepping for a Feb. 1 key-turning, will occupy all but about 2,000 sf of the second floor in One Energy Square at 4925 Greenville Ave. in Dallas. He says the long-range plan is to occupy the entire floor.

To execute Meridian’s expansion plan, Oden and Susan Singer, a Transwestern vice president, moved two tenants while a third exited the asset in a downsizing relocation. Oden says the Dallas-based Meridian is operating at 100% occupancy in its 10,809-sf section so the extra space was of the utmost importance. In fact, he says, Meridian approached Transwestern about the expansion as its affiliate, the Chicago-based Transwestern Investment Co., was negotiating 908,5888-sf, three-building purchase in late spring from Kolter Property Co. of Canada. Brent Jackson of Swearingen Realty Group in Dallas represented Meridian, which also operates Dallas centers in 3102 Maple Ave. and 6060 N. Central Expressway.

With the new deal, the 253,000-sf One Energy Square went to 85% occupancy. The building’s quoted rate is $17 per sf, full service.