DALLAS-The Neiman Marcus Group Inc. has expanded its presence inPinnacle Park by roughly 40%, leasing 470,250 square feet ofindustrial space for 10 years. The luxury retailer currentlyoccupies 292,500 square feet in the class A building, and theremaining space is filled by FedEx.

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With the expansion, Neiman Marcus will occupy the entirebuilding located at 4121 Pinnacle Point Dr. It will use the spaceas a regional distribution facility for its Last Call division.

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“We’ve been discussing Neiman’s expansion for a while, but FedExoccupied the rest of the building, and they wanted to expand too,”says Corbin Crews, vice president of CB Richard Ellis’ localoffice. He represented the local landlord, TR Pinnacle Corp. NeimanMarcus was represented internally by Greg Shields, senior vicepresident of distribution/logistics and fulfillment.

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Crews tells GlobeSt.com that Neiman Marcus’ lease had two yearsleft on it, and that the company had made a significant investmentin its space. Fortunately, the retailer, FedEx and TR PinnacleCorp. worked together to find a solution.

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“Neiman Marcus is one of FedEx’s valued customers, and we wereable to work out a deal where FedEx would vacant the building, andNeiman would take FedEx’s space,” Crews explains. “It is not asimple deal when you have two large, sophisticated companies thatwant the same space. It took multiple meetings and a lot of time towork it out.”

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Sheilds says Neiman Marcus has been very satisfied with thePinnacle Park location and its proximity to a terrific workforce. As part of the deal, TR Pinnacle Corp. built out theformer FedEx space with HVAC and improved lighting.

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“This was a good deal for all parties involved,” Crews says.“The landlord was happy to get a 10-year commitment in this type ofmarket.”

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