Wednesday, August 15, 2018

 

ONCOR ELECTRIC DELIVER COMPANY
Lincoln Plaza Relocation

 

Situation

Oncor, the regulated entity of TXU Corp. that serves approximately 400 cities in Texas and manages more than 100,000 miles of energy distribution lines in the state, sought to increase their identity within the Dallas Metroplex.  In August 2001, Oncor retained C&W to locate 150,000-200,000 square feet for a new headquarters location, which provided signage exposure, expansion options, access to public/ private transportation, and would meet other key criteria. 

Approach 

  • An exhaustive search of the Metroplex generated over 30 viable alternatives many that never hit the market but were presented by owners/agents for Oncor to consider. 
  • Site alternatives were ultimately extracted to focus on two downtown properties and one along Central Expressway.
  • It was important to Oncor to find a location that would give their name maximum exposure, while providing flexibility to achieve the needs of their business.


Results 

  • After eight months, Oncor selected approximately 147,500 square feet on six floors in Lincoln Plaza as the home for their 500+ employees.  The transaction was one of the largest leases completed in the Metroplex during 2002 and a Finalist for Deal of the Year by the Dallas Business Journal.
  • Initially occupying floors 9-14, Oncor’s lease is in excess of ten years and has significant options including expansion rights on 50% of the building, a termination right and contraction rights between years 6 and 8 which permits them to give back up to 33% of their occupied space.
  • Significant Identity rights were obtained for Oncor including top of the building signage, monument signage at the main entry, and at the highly visible point of the property, the intersection of Akard and Pearl streets.
  • Creative parking solutions were achieved delivering a 1 space per 500sf leased ratio, well in excess of typical CBD parking ratios of 1 space per 1,250sf.
  • Unprecedented concessions, free rent and tenant improvement monies, were secured.