The move comes about a month before the chapter's lease expiration at its longtime address in 12850 Spurling Dr., less than three miles to the east. The chapter's executive team pared the short list to four buildings in a three-month search of the LBJ Corridor, Steven Schneider with Grubb & Ellis Co.'s Dallas office tells GlobeSt.com. The 8,054-sf lease landed at a KBS Realty Advisors building, which has just undergone an extensive renovation. "It came down to economics and location," he says of the final decision.
The five-year lease is a stair-stepped package at "a good market rate," Schneider says, adding that the deal provides extra space, an upgraded office and on-site amenities most often found in class A buildings. The class B, 266,412-sf building rents for $15 per sf, according to NTCAR's Data Exchange.
Schneider says the chapter will move into a fourth-floor office that was built out as spec by the Newport Beach, CA-based owner in a plan to have ready-to-go space for just such occasions. Schneider says the office is requiring minimal modifications for the inbound non-profit organization. Fletcher Cordell with the Dallas team for Houston-headquartered Transwestern Commercial Services brokered KBS' terms.
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