Kimley-Horn Bumps Regional HQ to 35,937 SF

The Cary, NC-based Kimley-Horn is planning an Aug. 1 move from the 18th floor to the 12th in the 21-story building. To make the deal happen, the building owner did an early termination to get one of J.C. Penney Co.'s soon-to-be-vacated floors at 12700 Park Central Dr.

"We will terminate to make long-term leases," says Jon Altschuler, managing director and partner for Dallas-based Stream Realty Partners LP. He tells GlobeSt.com that the agreement with Penney's sets up a take-back plan, one floor at a time, of the 468,000-sf hold. In October, the retailer will darken nearly seven floors in the 740,158-sf two-building complex, owned by Catellus Development Co. of San Francisco.

John Shaunfield, managing director for Mohr Partners Inc., says Kimley-Horn, an eight-year tenant, added several years to the term by reworking the pact. "It was a market deal with a healthy improvement allowance," he says. The class A space is being marketed at $16.50 per sf to $17 per sf, full service.

Altschuler says the 97.5%-leased complex's occupancy jumped two full percentage points to date this year. Just this week, two tours, each a 50,000-sf prospect, passed through the doors, he says. "There's every reason to be optimistic going forward," says Altschuler, who's teaming with Stream associate Ben Hautt to round up deals in advance of the retail giant's exit to its Plano headquarters campus.