
BENTLEYFORBES REPORTS MORE THAN 117,000 SQUARE FEET OF LEASES FOR DALLAS CLASS A OFFICE PORTFOLIO
Recent Transactions at Park Center include U.S. Renal Care for 25,500 Sq Ft, Shaddock Development for 11,900 Sq Ft, and Newmark Knight Frank for 9,500 Sq Ft
Key Bank Recently Renews for 27,500 Sq Ft at Preston Commons
DALLAS, TX (June 25, 2009) - BentleyForbes, a national real estate investment firm, today reported that it has signed more than 117,000 square feet of leases at its five building Class A office portfolio in Dallas since the beginning of 2009, most recently with U.S. Renal Care, Shaddock Development and Newmark Knight Frank at Park Center and Key Bank at Preston Commons. This positive momentum is a direct correlation to the strength of the Dallas area economy and its business community in the face of unprecedented national economic challenges.
"Our investment and management strategy in Dallas is to acquire Class A assets in desirable locations, and then invest in significant capital improvements to maintain and enhance each property for long-term success," said David W. Cobb, president and CEO of BentleyForbes. "The recent leases at Park Center, Preston Commons and Sterling Plaza validate our efforts. BentleyForbes is committed for the long-term in Dallas, and will continue to invest resources so that our properties remain a top location choice for the region's professionals."
The Company's Dallas market office portfolio encompasses more than 1 million square feet and consists of Class A, trophy office properties in top submarkets, including: the 420,000-square-foot, three building Preston Commons Class A office campus and the 302,000-square-foot, 19 story Sterling Plaza Class A office tower in Preston Center; and the 235,000-square-foot Park Center Class A office building in the Far North Dallas/Tollway submarket. Since acquiring its Dallas assets, BentleyForbes has invested more than $15 million towards capital improvements at the properties, and has plans for an estimated $5 million of new improvements to common areas and tenant spaces in 2009/2010, including construction of new move-in ready spec suites.
Bruce "Trey" Smith and Clint Madison of CAPSTAR Commercial Real Estate Services represented BentleyForbes in each recent lease agreement, with Bryan Oyster and Eve Brant from the BentleyForbes asset management team. Recent lease agreements include:
| Park Center |
| U.S. Renal Care | 25,500 sq ft |
| Shaddock Development | 11,900 sq ft |
| Newmark Knight Frank | 9,500 sq ft |
| First American Title | 5,000 sq ft |
| Vaco | 3,600 sq ft |
| PRT | 2,600 sq ft |
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| Preston Commons |
| Key Bank | 26,000 sq ft |
| Blankenship Wiland | 3,400 sq ft |
| Aureus Group | 2,350 sq ft |
| Hollon Meaders | 1,800 sq ft |
| CNC | 1,250 sq ft |
| Southwest Federated | 1,000 sq ft |
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| Sterling Plaza |
| Holman Roberston/Russell Cosby | 7,000 sq ft |
| Atkins O'Toole | 3,450 sq ft |
| Argent Properties | 3,275 sq ft |
| Caiman Energy | 3,150 sq ft |
| Greenhaw Insurance | 1,900 sq ft |
| First Tennessee | 1,850 sq ft |
| Lazarus | 1,100 sq ft |
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Additionally, BentleyForbes recently completed more than $60 million of expansion and enhancements efforts at its Four Seasons Resort and Club Dallas at Las Colinas, in advance of the recent 2009 HP Byron Nelson PGA TOUR event. These comprehensive improvements include the redesign of both the 400-acre Resort's signature golf courses, development of 37 new guest villas bringing the total villa count to 127, complete transformation and refurnishing of the hotel tower's 260 guestrooms, renovation of the Resort's main lobby, an expansion program throughout the entire Resort including the addition of a new resort pool and restaurant, improvements to the sports club and tennis facilities, and overall restaurant and facility enhancements. Notably, the Four Seasons Dallas at Las Colinas is still the only resort property in Texas to hold the coveted Five Diamond Award from the American Automobile Association. < back | next >
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