In an expansion play to triple its operating space, Galt Medical Corp. will move into the 70,390-sf Northgate Business Park IV at 2220 Merritt Dr., which was emptied less than two months ago. The building's balance is on the market for about $4 per sf, triple net. Like the address about to be vacated, it's owned by Chicago-based First Industrial Realty Trust Inc.
"It's a perfect example of our mission statement," says Mark S.K. Aller, leasing and marketing director for First Industrial, "to be poised and ready for any of our clients who need to expand." Galt Medical has been a 14,340-sf tenant for four years at 2475 Merritt Dr.
Aller tells GlobeSt.com that talks began at the beginning of the year and ended with a seven-year contract for a building right across the street. The empty structure is part of a 135,000-sf block vacated in June by Software Spectrum Inc., which moved to Richardson. The eight-building Northgate park, totaling 500,000 sf, has bounced back to 80% occupancy with Galt's lease after a long track record of staying full, according to Aller. Jeffery Boykin with Boykin Partners in Dallas was the tenant's representative.
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