ECOM Turns Keys, Eyes Office Rehabs

DALLAS-ECOM Real Estate Management Inc., having transitioned part of its portfolio to new teams, is weighing renovation plans for Stone Tower in far North Dallas and Market Ross Place in the historic West End. The local owner last month turned over 390,289 sf of class A space to a Jones Lang LaSalle team and gave a third building, the 161,170-sf Northpointe Centre, to Peloton Real Estate Partners.

ECOM’s assignment had been inherited by CB Richard Ellis when it took over Trammell Crow Co. CBRE historically hasn’t commented on any assignment changes, but its point man for the pact, Jim Yoder, is now a managing director in the JLL camp. His former teammate, Barbara Bennett, is with local firm, Thompson Realty.

The changing of the guard, though, wasn’t a given since ECOM held an all-out competition for the assignment, according to Sandie Matejek, JLL senior vice president of agency leasing. She and Dana Jones are partnering for the class A assignment. Peloton’s win took keys to ECOM’s class B building, Northpointe Centre at 12005 Ford Rd.

Matejek tells GlobeSt.com that discussions have started with ECOM to renovate lobbies and common areas of the 64%-leased, 248,677-sf Stone Tower at 13760 Noel Rd. and 50%-leased Market Ross Place at 1701 N. Market St. It’s too early in the game to say what will be done or when the work will start, she adds.

What is evident is interest in both buildings is “good,” Matejek says. So much so that Stone Tower had a $1 per sf rate hike tacked onto its quote in the past month, pushing it to $19 per sf plus electric. “A lot of that is due to diminishing vacancy and increased demand in that submarket,” she says. Market Ross Place’s rate is holding firm at $16 per sf plus electric.

According to Matejek, neither building has any significant lease roll for the rest of this year. The five-story Market Ross Place’s largest tenant is Freese & Nichols Inc., an engineering firm in 15,000 sf in the 141,612 sf, four floors of historic West End office space. Stone Tower’s largest tenant is Reach Media Inc., which leases 28,000 sf for its headquarters.

As the keys turned at Stone Tower, Matejek says the outgoing team sealed a full-floor deal for the top floor of the 11-story building, nudging occupancy 10%. As for new tenant’s identity, that’s being withheld for now.