Aimco's search began in March and went into a final stretch of talks with three building owners before the decision swung to 600 E. Las Colinas Blvd., a 509,559-sf structure owned by Canadian REIT, TGS Harvard. "This particular landlord worked with us. We were able to work hard together to work out a deal," says Steven Schneider with Grubb & Ellis Co. in Dallas. "It was challenging because we had a lease." The REIT negotiated an early buyout with Granite Properties to vacate about 8,800 sf of class B space in a building along Texas 183.
Schneider tells GlobeSt.com that Aimco got 10,813 sf on the 12th floor in a stair-stepped lease, with just a few bumps over the term, and six months of free rent in a class A building with a Las Colinas Urban Center address.
Joel Pustmueller with Peloton Real Estate Partners in Dallas represented the Canadian REIT. Office space in the 22-story building, with 100,533 sf empty, is on the market for $17 plus electric.
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