GRAPEVINE, TX-A division of Siemens Corp. has leased the 233,740-sf balance of the DFW Trade Center for the long term after a lengthy search for expansion space to fulfill a new contract. The move-in is penciled for February.
The Siemens division took down the remainder of the shell space in a 292,800-sf office/warehouse at 4265 Trade Center Dr., developed about two years ago by the Atlanta-based Industrial Development International Inc. As would be expected, dealmakers undoubtedly inked a pact below the marketed rate of $3.25 per sf net simply due to the high-profile tenant name and creditworthiness behind it.
The Siemens search was concentrated in Northeast Dallas and the Dallas/Fort Worth International Airport submarkets. Word is the proximity to the airport, first-generation space and freeway visibility proved to be the dealmakers. Michael Peinado, vice president for Lincoln Property Co., was the tenant's representative while IDI had leasing manager John Leinbaugh negotiating its terms to fill the second building in its DFW Trade Center development.
Siemens will share the building with Benco Dental, a Wilkes-Barre, PA-based supply company, which took down the first block of space, 59,060 sf, last February. The fully air-conditioned structure has a 30-foot clear and 36 dock doors.
The DFW airport submarket has been leading the region in absorption this year, according to Grubb & Ellis Co.'s last available report. Fourth-quarter numbers will be compiled this week, but Q3 year-to-date stats show the submarket absorbed 2.3 million sf or 600,000 sf more than its closest competitor, and neighbor, the Great Southwest Industrial District. Just in the third quarter, deals filled slightly more than 1.5 million sf in the 50.7-million-sf stock in and around the DFW airport.
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