Bob Spletter with the Robert Lynn Co. in Dallas says the lease for 9029 Governors Row in Dallas was signed within two months of the start of talks. In signing the deal, Flair Corp. got about half of the amount of space it is vacating in Irving, he says.
The inbound tenant took practically "as-is" space in the Brookhollow submarket, which boasts one of the highest industrial vacancies in the region. "We did a $3 deal. We shouldn't have had to do it," Spletter says, "but it's a sign of the times." The building was on the market at $3.50 per sf gross.
The tenant's rep, David Easterling of CB Richard Ellis Inc.'s Dallas office, negotiated a flat-rate lease for a structure with 4,500 sf of office space. Easterling now is readying the Irving property for sale, according to Spletter.
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