Paul Mason & Associates, a provider of bankruptcy recovery services, did a straight-up renewal on 11,098 sf of class B space in Northcreek Place I at 9441 LBJ Freeway. Gianni LaBarba of Mohr Partners in Dallas tells GlobeSt.com that the firm was paying $19 per sf, the going rate when the deal was signed in 1999. The neighboring buildings were checked out, but the stumbling block for a relocation was three years left on the pact.
"They liked where they were, but they just knew where the market was and they were paying more than everyone else," LaBarba says of the sixth-floor office. "Their first choice was to stay and they got that."
To get the rate they wanted, the firm's executive team had to commit to a five-year term, explains LaBarba, who negotiated the pact along with president Bob Mohr. Reiner Brasch with the locally based Mullen Co. represented the building owner, Northcreek Business Park Ltd. of Dallas.
According to the North Texas Commercial Association of Realtors' database, the 154,123-sf building has 29,212 sitting empty. The open space is tagged at $9 per sf to $15 per sf.
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