A Fresh Take on CRE

Dallas Deal Highlight: PNL Companies stays put at 2100 Ross Avenue

From time to time, we like to highlight recent deals from the CompStak database that we find interesting. We hope you will find the information helpful.

   
2100 Ross Avenue

PNL Companies stays put at 2100 Ross Avenue

PNL Companies extended its 5,549 SF lease on the 29th floor of 2100 Ross Avenue, the Dallas building formerly known as San Jacinto Tower. The asset management company will remain in the space for an additional four years. The starting rent, just under $20 PSF, is only slightly more than PNL has been spending in rent since their last renewal in 2008.
The 844,000 SF tower has exchanged hands multiple times in recent years. PNL, in a joint venture with IPC US REIT sold the property to the Monian Group and SMA Equities back in 2007. The building was then acquired by the current owners, Cousins Properties, in 2012 as part of a foreclosure auction.
Two companies from the oil and gas industry also recently signed leases the building, with Lynx renewing for 4,538 SF on the 8th floor, and Netherland, Sewell & Associates taking 62,000 SF. Lynx will be paying in the low $20s PSF for the space, while Netherland, Sewell & Associates will be shelling out around $25 PSF.