Global Views LP's new deal delivers full control to a 247,270-sf building at 7301 Ambassador Row, one of two in the Dallas region owned by Gershman Properties of Los Angeles. "Business has continued to grow and they just needed some additional storage space," Mark Miller with the Robert S. Lynn Co. in Dallas tells GlobeSt.com about a quickly negotiated expansion lease without any shopping in the market. All he can say about the terms is that it is co-terminus with the long-term pact that's in place. Miller represented the tenant and Jeff Mercer, also with Robert Lynn Co., handled talks for the L.A. building owner.
Global Views, launched eight years ago in Dallas, specializes in hand-forged iron, carved woods and hand-blown glass, European and Asian ceramic and cast brass, all bought on the international circuit and displayed at leading US trade shows. A confidentiality clause is keeping the rate under wraps, but Global Views' office/warehouse is more than 40 years old so it's a safe bet that rent hung close to the $3.02-per-sf low end of the submarket's average although it's one of the largest leases to close so far this year in the sector. The 43.5-million-sf Brookhollow had an 8.2% vacancy at the second-quarter close, a 0.9% increase from a year ago, according to Cushman & Wakefield of Texas Inc.'s latest report.
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