James Vanderslice, senior vice president for Grubb & Ellis Co., tells GlobeSt.com that the pact spans the 4.5-year balance of Pegasus' term. The new tenant at the 431,649-sf, 20-story office building at 8350 N. Central Expressway inked a plug n' play deal that had 80 workstations.
Vanderslice says the class A office space was empty three months. "We had tremendous activity on it," he says. "That market's gotten very active there. And, a lot of tenants want to move from Uptown because they don't want to pay the rents." Uptown rents have edged over the $30 per sf mark for existing space and preleases are priced in the $35-per-sf range. In contrast, the Pegasus space was marketed for $14 per sf, full service.
Vanderslice says New Media Gateway, a provider of online marketing solutions, also was able to walk, set up and hit the ground running since Pegasus' space already had the high-tech requirements that the company needed. "It was designed for programmers," he adds. Clay Vaughn with Dallas-based Praedium Group LLC bargained the flat-rate pact on behalf of New Media Gateway, which relocated from 2323 Bryan St.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
