Comerica Bank commits to staying in downtown Dallas tower until 2028
Comerica Bank has committed to staying put in its namesake downtown Dallas tower for another decade. The bank relocated its corporate headquarters from Detroit to the Main Street tower in 2007. It’s just agreed to rent 222,000 square feet in the 60-story skyscraper until 2028.
“We are pleased to extend our lease at Comerica Bank Tower, a landmark building with a prominent skyline presence in Dallas,” Comerica CEO Ralph W. Babb Jr. said in a statement. One of the major companies based in downtown, Comerica is one of the biggest tenants in the tower, which opened in 1987. The skyscraper is owned by M-M Properties and TriGate Capital. “Their recommitment to downtown is very exciting and an indicator of the positive improvements that have occurred and are ongoing in the neighborhood around the building,” said Ken Moczulski, founder and CEO of M-M Properties.
Designed by architects Philip Johnson and John Burgee, Comerica Bank Tower is one of downtown’s tallest towers. Comerica occupies about seven floors in the high-rise. M-M Properties and TriGate have spent millions of dollars on upgrades to the building since purchasing the tower in 2015. “Retaining the headquarters for the bank fits perfectly with our strategy of recruiting professional service firms to the building,” said Joel McCarty, senior vice president with M-M Properties.
Phil Puckett, John Woolsey, Harlan Davis and Jamie Dingeman with commercial real estate firm CBRE negotiated the new lease. Comerica is the second high-profile downtown-based company to recently announce plans to stay in the central business district. AT&T decided to spend more than $100 million to upgrade its headquarters complex on Commerce Street downtown.
Source: The Dallas Morning News