The Aegis decision closed a site in North Dallas and pulled the longtime tenant from Turtle Creek Tower into the top floor of a four-story building at 3333 Welborn St., Steven Schneider of Grubb & Ellis Co.'s Dallas office tells GlobeSt.com. He says the Houston-based Aegis only weighed two options: renew or take the Denver-based Qwest Communications space, which was being marketed by the Grubb & Ellis team of Lee Wagner, Sam Hocker and Billy Coleman. The in-house deal locked in a full floor for the duration of the communications giant's commitment to the building owner, Constructors & Associates of Dallas, Schneider confides.
"We got a pretty aggressive sublease and definitely a below-market rate," Schneider says, adding the $200,000 of equipment is just two years old. The Oak Lawn building sits in an area where quoted rates for class A direct space hug $20 per sf, but actual rates are 10% to 20% below and sublease rent, as is always the case, considerably lower.
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