"This was a creative deal with a couple of big incentives such as only paying rent on a portion of the building for the first year and free workstations," says Steve Kohls of Lee & Associates who represented Wageworks. Jerry Roberts of CB Richard Ellis Inc. represented the building owner, the Carlyle Group, which has since sold the 123,500 sf building to Lafayette, CA-based Bedford Property Investors Inc.
Kohls tells GlobeSt.com that the Carlyle Group agreed for Wageworks to pay for only 7,500 sf for the first year to allow the company to grow into the remaining space. Moreover, the Carlyle Group offered 70 workstations to Wageworks in a plug 'n' play deal with fixtures previously owned by NextCard, the prior occupant. The other chief selling point is the proximity to Loop 202 and Interstate 10 and its 5:1,000 parking ratio, Kohls.
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