The 122 W. Carpenter Freeway lease pushes occupancy to 88% in the 218,000-sf, class A office building. Las Colinas is one of the region's softest office submarkets, with vacancy at the end of the third quarter standing at 27.5%, according to Cushman & Wakefield of Texas Inc.
Bill Knopick, Cousins Properties' vice president, represented the Chicago-based building owner, CMD Realty Investors. Bruce Hecht, executive vice president of the Swearingen Co. in Dallas, negotiated the terms for AutoTrader.com, a five-year-old Internet automotive classified marketplace. Move-in is set for January from 1425 Greenway in Irving.
AutoTrader.com's southwest office services 10 states and includes operations and call centers. Las Colinas' proximity to the Dallas-Fort Worth International Airport and centralized positioning in the metroplex were key to the decision-making process to stay in the Irving area.
The operation maintains a single-location database of more than two million vehicle listings from 40,000 dealers and 250,000 private owners. The Web site is recording in excess of seven million visits per month, according to a press release. AutoTrader.com is a majority-owned subsidiary of Manheim Auctions Inc., which is a wholly owned subsidiary of Cox Enterprises Inc.
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