Parker Group Lease Includes New Amenity

IRVING, TX-Owners of the Urban Towers, an 850,000-sf office complex at 222 W. Las Colinas Blvd. in Irving, are taking advantage of a 10-year lease with a major healthcare and benefits management holding company to test a new amenity it may roll out to other buildings in its local portfolio. CB Richard Ellis Strategic Partners signed the Chicago-based Parker Group to 65,796 sf of office, including about 1,500 sf for a medical clinic run by the tenant’s third party administrative division.

According to John Fancher, a VP in the Dallas office of CBRE who represented the landlord in the transaction, the clinic may become the “sixth star” in CBRE Strategic Partners’ 5-Star Worldwide program for northern Texas. The program entails five amenities the Los Angeles-based property owner is implementing in all office buildings in its US portfolio. The elements include a fitness center, delicatessen, shared conference area, concierge service and onsite management.

“There are similar ‘doc in a box’ concepts out there,” says Fancher in regard to low-cost, quick-service medical clinics in convenient settings. “But this is the first I’m aware of in an office environment. Most are in malls or other retail locations. We saw some good benefits in introducing this idea, a kind of onsite substitute for company health care.” The agent says the landlord and tenant are working out a co-branding scheme, with the ultimate aim of putting a clinic in all nine buildings the company owns in the Dallas-Fort Worth market.

CBRE Strategic Partners acquired Urban Towers in December 2006 and subsequently spent about $7.2 million on lobby renovation and other improvements. At the time of purchase, the project was 72% leased. The Parker deal has brought it to 87% occupancy. Though Fancher did not give lease specifics, he identifies annual asking rent as $23.50 per sf, plus electricity. “We feel we’re competitively priced for the value and level of services you get,” he says. “We heavily leverage our properties to extend a high level of service.”

Calling the Las Colinas submarket very strong, Fancher says, “We’ve continued to see existing tenant expansions as well as relocations from outside. We’ve seen rents increase anywhere from $2 to $4 a sf. We expect this will be very promising year.” Other members of the CBRE leasing team included FVP Bill Lokey, senior associate Allison Fannin and associate Susannah Wallace.