Noel Hutcheson in the Dallas office of Cushman & Wakefield of Texas Inc., tells GlobeSt.com that Nippon isn't looking to decrease its footprint, but is weighing all factors--pro and con--about market opportunities. The renewal kicks in Oct. 1, just as the old pact expires, he says. The logistics provider cut a "market rate" deal in a submarket that's getting $3 per sf to $4 per sf.
The building at 8065 Tristar Dr. serves as Nippon Express USA's regional headquarters, with 10,000 sf of office space and a location near the Dallas-Fort Worth International Airport. Vantage Cos. built the structure, owned by Jefferson Pilot Insurance Co. of Richardson, TX, about seven years ago for the Tokyo-headquartered Nippon.
The C&W team in Dallas of Rick Hughes, senior director, and Hutcheson bargained the terms for Nippon along with Hitoshi Aratani in C&W's New York City office. Lynn Murray of Vantage Cos. in Dallas represented the building owner.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.