G&E Wins 199,626-SF Embassy Assignment

IRVING, TX-Rreef Funds has tapped Grubb & Ellis Co. to take over leasing duties for the 199,626-square-foot Embassy Building in the Las Colinas Office Center. The new brokerage company’s charge is to fill 36,000 square feet of vacant space.

According to Kathy Permenter, managing director, agency leasing with Grubb & Ellis’ Dallas office, the San Francisco-based Reef invested substantial funds into renovating the property at 1431 Greenway Dr. and now wants to find new tenants. “The occupancy is fairly steady, there’s not a whole lot of lease roll coming up,” says Permenter, who will work with Grubb & Ellis senior vice presidents Chris Wright and Russ Johnson on the assignment.

Rreef had put the building up for sale in August 2007, offering its vacant space for potential upside. Since that time, Rreef has taken the building off the market. Current tenants include Greystar Real Estate Partners LP, Softlight Development Inc. and Regus Management Group LLC. GVA Cawley of Dallas had the previous leasing assignment.

Permenter tells GlobeSt.com the largest tenant occupies one full floor of about 20,000 square feet. Other than that, the majority of tenants are small users, not taking more than 5,000 square feet. The largest contiguous space currently available is 7,000 square feet.

In addition to providing class-A space, Permenter says the 10-story-building’s additional draw is its location at Las Colinas Office Center. “The infrastructure there has been improved by the completion of (state) highway 161,” Permenter comments. “It’s a great connection all the way to Richardson and Plano.” She says the property could also attract potential users from Arlington, TX, south of Dallas-Fort Worth International Airport.

“Basically, tenants who want to be more at the center of the Metroplex and close to the airport will like this,” she says. “Las Colinas is a great market, and we’re seeing a lot of good activity there.”