Dallas Business Journal – July 16-22, 2004

Lease Deal Gives Law Firm More Room to Grow
Christine Perez
Staff Writer

WEST END-When Mary Rose and Hal Walker left Gardere Wynne Sewell L.L.P. (now Gardere L.L.P._ to go out on their own five years ago, they wanted to get away from a high-rise office environment. They found funky digs in the West End. Now, after expanding twice in their existing location, strong growth is pushing the law firm back into traditional office space.

Rose-Walker L.L.P. has inked a lease for a full floor, or about 22,000 square feet, at 3500 Maple Avenue in Uptown. This is triple the 7,000 square feet the firm first leased at 1701 N. Market St. in 1999. Since then, it has grown from seven to about 40 employees.

“We’re not trying to artificially grow, we’re not trying to acquire other firms, we’re growing from within,” Rose said. “When you have good clients with legal problems, you don’t turn them away.”

Rose-Walker will take occupancy of the new space by Oct. 1. Its attorneys have been involved in a number of high-profile cases, including the Swissair Flight 111 crash off Nova Scotia and the helicopter disaster on the movie set of “The Twilight Zone.” The firm bills itself as “trial lawyers for business people” and often takes cases o trial instead of settling.

“We take a different approach,” Rose said. “Most law firms – and most businesses – just don’t think of the courthouse as their friend.”

The firm began looking for space nearly two years ago and considered numerous options – including buying its own building. In time, the list was narrowed to five options, three in Uptown and two in downtown Dallas. They selected 3500 Maple because it offered strong amenities, ease of access and good economics, said Andrew Beckman with Glacier Commercial Realty L.P., who represented the tenant in the deal.

“Rates are just going to keep going up,” he said. “We wanted to strike while the market is hot.”

3500 Maple previously went by the name Reverchon Plaza, until it was sold by Crescent Real Estate Equities Ltd. to CB Richard Ellis Investors in late 2002. The new owners have since make improvements to the lobby areas, put in a new health club and added a deli, said Jay Bailey with Capstar Commercial Real Estate Services, who handles leasing.

“The improvements have helped maintain fair market rental rates,” he said. “We haven’t had to get super aggressive on deals like the rest of the market.”

Occupancy in the building has grown from 52% to 75% over the last 18 months. New tenants include Heritage Galleries, which too the top two floors. To others – Hanson Aggregates and Cinco Natural Resources – recently renewed and tool additional space.

Bailey said other deals are in the works.

“We handle leasing at two other buildings in the area, and we’re seeing exceptional activity in all three buildings. We have some small- to mid-sized deals going at the other two and some larger tenants looking at 3500 Maple.”