Three months of negotiations produced a renewal for 7,674 sf on the second floor and an 11,465-sf expansion on the 11th floor of 1111 W. Mockingbird Lane, a jointly owned building with owner incentives sweetening the deal-making. Kathy Permenter with Grubb & Ellis Co.'s Dallas office says tenant improvements were limited to the upper floor. She says the back-office lending group's lease was set to expire in 2006, but talks produced a co-terminus end for the double deal.
Meanwhile, the International Association of Machinists, re-upped 4,521 sf and rolled in another 1,134 sf on the 13th floor, which is now ready to occupy. The 15-year tenant reworked a pact that wasn't set to expire until 2007 and extended the term until 2009, Permenter tells GlobeSt.com.
The class B-plus building's quoted rent is $14 per sf to $14.50 per sf, full service. "We're right in there," Permenter says about the pair of renewals and expansions that nudged occupancy to 71.4% for building owners, Diversified Capital of Lakewood, NJ, and JTL/Chancellor of Dallas.
© 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.