Bush to rent offices in Dallas

Bloomberg

"The top of the market in Dallas is the bottom of the market in Manhattan," said Dan Fasulo, managing director of Real Capital Analytics Inc., a New York-based property research firm. Dallas ranked second behind Detroit in national office vacancies in the fourth quarter, with 22.6 percent of space standing empty, according to the New York-based research firm Reis Inc. Bush’s bill will be more than twice the average Dallas office rent of $16.61 a square foot when he leaves the White House.

The president’s 10-year lease for 8,000 square feet starts at $38.95 a foot, the General Services Administration said today in an e-mail. Clinton chose an 8,300-square foot penthouse on 125th Street in Harlem that rented for $346,000 a year.

Sherry Lane Place is a 20-story office tower in the Preston Center area of Dallas, according to the Web site of Cottonwood Partners Management Ltd., the building manager. That part of the city is also the neighborhood billionaire hedge fund-manager T. Boone Pickens calls home.

Cottonwood, based in Salt Lake City sold a majority stake in the tower in 2006 to CarrAmerica Realty Corp. and a unit of JPMorgan Chase & Co. CarrAmerica was acquired the same year by Blackstone Group.