George B. Allan & Co., a manufacturer's sales rep for industrial valves and equipment, took a 10-year lease that provided 1,000 sf more than its current location, Brett French of Property Advisers Realty Inc. of Irving tells GlobeSt.com. The good news is that an existing tenant, seeking to cut costs with a space reduction, got to do so because a deal could be struck to immediately backfill the flex space.
George B. Allan will relocate from a 20-year location at 3247 Gardenbrook Dr., just a block away. French says the firm started looking at market options late last summer. Another property was under contract, but that deal fell through and negotiating teams sped up the process to close the Venture Tech lease in less than five days.
French and Jerry Reis, president of Property Advisers Realty, represented the building owner, Madison Investors. Michael Grant of TIG Real Estate Services in Dallas acted on the tenant's behalf. Bronze Star Construction of Dallas is handling finish-out.
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