DALLAS-Another tenant has signed a deal to vacate a Design District building in the path of progress for the wholesale sector's largest owner, Crow Holdings. The seven-year lease for the relocation goes into effect in April.
Interface Flooring Systems Inc. will open a 4,317-sf showroom, increasing its retail area by 1,817 sf in the move to 1645 Stemmons Freeway from 1400 Turtle Creek, which is slated to be razed. "It will be one of the last tenants to relocate," says Rick Tiller, the tenant's Grubb & Ellis Co. broker. He says Crow has been redistributing tenants in roughly 30 buildings to assemble an area for retooling.
Tiller tells GlobeSt.com that Crow last year bought the vacant building at 1645 Stemmons Freeway in the Decorative Center to come up with relocation space for Design District tenants. The Interface lease was at the bargaining table nearly a year, he says. "They needed to be in that area. And, there's not a lot of good quality buildings in the area," he explains.
The Stemmons space runs from $12 per sf to $15 per sf, triple net. Interface's deal closed below the low-water mark. "It's a good deal," Tiller says.
The Atlanta-based Interface Flooring has been a Design District tenant for five years. Jake Marks and Merry Wyatt with locally based Trammell Crow Co. represented the local owner of 1645 Stemmons Freeway, Design District LP.
© 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.