Dealmakers Fill 64,712 SF in Near-Empty Building

The newest signing is a 22,649-sf headquarters lease with Xeno Development Inc., now occupying about 12,000 sf at 1245 S. Main St. in nearby Grapevine. The firm, represented by Lisa Johnson with Online Realty in Dallas, worked out a five-year lease that kicks in Sept. 1, Chris Wright, senior associate with Dallas-based Stream Realty Partners LP, tells GlobeSt.com.

Paragon Global Resources Inc., getting its keys in 15 days, took 14,660 sf in a five-year commitment for the same amount of space that its regional office fills at 3121 Cross Timbers in Flower Mound. Brant Landry and Andrew Leatherman with the Staubach Co. in Dallas represented the Rancho Santa Margarita, CA-headquartered relocation firm.

Brink's Inc. moved into 13,894 sf in the past two weeks, making a two-year deal for overflow space to take the pressure off an office at 555 Dividend Dr. The Staubach team of Greg Burns and Bo Bonds negotiated the immediate takedown for the security firm.

Wright credits the oldest deal in the stack--13,509 sf--with kicking off a leasing flurry that's hiked occupancy to 75%. Though the tenant's long settled into its office with a 4.5-year lease, Corpus Inc. also tapped the open block to get overflow space for a 30,000-sf office right across the street, he says.

"They are coming in at market rates," Wright says. "We were very lucky. We didn't have to get too aggressive." The quoted rent is $17 per sf plus electric.

Wright, with 29,988 sf left to fill, has an 8,000-sf pact under negotiation to put another dent in a block of space vacated by Lucent Technologies Inc. in 2001. If it's sealed, the next deal pushes occupancy to 84%, just 16% away from being able to hang a "no vacancy" sign on GE Capital Real Estate's building. "We think with the recent activity and market conditions that we've got a good shot at it," Wright says. "We're going to keep pressing down that road."