Bo Estes in the Dallas office for Northbrook, IL-based Grubb & Ellis Co. tells GlobeSt.com that the deal for class A space brought a rate "well below market" for a tenant who's been in place five years and is now caught up in reworking the business plan. The 148,879-sf office building at 5700 Tennyson Parkway in the Far North Dallas submarket carries a quoted rate of $23 per sf plus electric, according to information from the North Texas Commercial Data Exchange. Bob Buell, vice president of leasing for CarrAmerica Realty Corp. of Washington, DC, handled talks for the building owner, Lincoln Property Co. of Dallas.
"We wanted to have some breathing room," Estes says of the renewal. "We weren't ready to do a long-term deal...and if anything they're going to expand." LifeCare Management Services, parent of LifeCare Hospitals, operates 20 long-term facilities in nine states.
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