Robert O. Fulford Jr., vice president in Dallas for Grubb & Ellis Co., tells GlobeSt.com that the "plug 'n play" sublease, minus any free rent, has a couple bumps over the term and closed in the $15 per sf, triple net, asking range. Primed to open its first North Texas facility, Rackspace Dalidc Management LLC expects to move in within 60 days to Heritage Business Park IV at 801 Industrial Blvd. in Grapevine.
Fulford days the Denver-based Qwest invested $47 million in 2000 into outfitting the data center space in the 365,000-sf building, bought early last year by the New York City-headquartered ING Clarion. Qwest still has 87,000 sf of shell warehouse space on the market for $2.90 per sf net. The first backfill required four months of negotiations between the Grubb & Ellis team, which includes Gary Lindsey, senior vice president, and the tenant's broker, Vance Vaughn of Technical Real Estate Co. in Plano.
"There are a lot of companies looking the last the last six months, all over the country, looking for data center space," Fulford says. "They are picking up now for 10 cents on the dollar."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.