"We believe it's a below-market deal," Greg Langston, principal in Dallas-based Dillon Corporate Services, tells GlobeSt.com about a deal that went down with a "healthy tenant improvement package." The Irvine, CA-based homebuilder also walked away with build-out, a paid move and funding for wiring and cabling throughout the third-floor office at 6333 E. Campus Circle Dr.

Langston says the move is coinciding with the 12,000-sf lease expiration at MacArthur Place, positioned about a mile away. "It's classic with what we've been seeing in the last 18 to 24 months...class jumping," Langston says.

Langston says talks produced a face rate "in the high teens after the free rent burns off." The 159,212-sf Las Colinas Corporate Center I's quoted rent is $20 per sf to $21 per sf plus electric, just like its 212,904-sf sister at 6363 State Highway 161.

Langston says the office search produced close to 40 options in Las Colinas and the West LBJ Corridor, with Lincoln Property Co. hooking the deal because of a location with freeway exposure and economics. Dillon, a Cresa affiliate, also had Bill Dowd, vice president, working the deal and put in Suzan Davidson as project manager for the finish-out, which gets underway this week by the Scott & Reid Co. of Dallas. Elliott Prieur of Lincoln Property negotiated for the JV owner, led by Metropolitan Life Insurance Co. of New York City.