$10 Per SF, 10% Pay-Out Seals Class A Sublease

One Network Enterprises has moved into half of the fourth floor at 4055 Valley View Lane in Dallas, taking over space vacated last May by Great-West Life & Annuity Insurance Co. in a consolidation move to Campbell Centre along North Central Expressway. The plug-and-play deal, with $25,000 in furniture and systems, went for $10 per sf along with a 10% commission to the procuring broker, Ben Luedtke, portfolio account manager for Dallas-based Mohr Partners, tells GlobeSt.com. "It was a deal we wanted to unload," he says of the cut-rate package for as-is office space with a big-ticket build-out in a 95%-occupied office building at the corner of LBJ Freeway and Midway Road.

The Denver-based Great-West Life was in the class A office about two years when corporate decided to consolidate its Dallas offices. Luedtke says the sublease came to market in March 2003 at $15 per sf and the 10% commission to the procuring broker. But, the competition in the 2003 office market didn't bring any takers so the price was dropped to $10 per sf. That's when One Network Enterprises stepped up to the plate for the balance of the Granite Tower commitment. Jim Montgomery and Al Paniagua, both with Swearingen LLC of Dallas, represented the subtenant, a leading provider of on-demand supply chain solutions.