One Main Place is undergoing a makeover by New Orleans-based KFK Group, which bought the high-rise in 2014.
A 323-room Westin Hotel has opened in the upper floors of the skyscraper.
And 18 lower floors are being remodeled as first-class office space.
The El Centro lease is the largest office deal to land in the tower since the redevelopment began.
“The lease was approved during the board’s regular April meeting,” community college district spokeswoman Ann Hatch said Tuesday.
About 40,000 square feet of the office space will be used for the El Centro’s fashion marketing/design, interior design, architecture and engineering programs.
The rest of the One Main Place office space will house academic and student support services.
“This is very positive news not only for One Main Place but all of downtown,” said John Crawford with the economic development group Downtown Dallas Inc. “We continue to see a demand for space rather than just new construction based on location, rate and quality space in existing buildings.”
The El Centro lease is for more than 7 1/2 years with an average annual rent of $17.81 per square foot.
“Leasing is the best strategy for El Centro since the cost of land acquisition together with building construction costs for a downtown location is not feasible in the current market,” the college said in a report to board members.
Stream Realty Partners leases the One Main Place office space for KFK Group.
Stream managing director Ramsey Marsh said El Centro is taking space on the 10th and 11th floors. “It’s a cool concept with the hospitality, fashion and design schools coming to the building,” Marsh said.
By: Steve Brown
SOURCE: Dallas Morning News