The MHA Group has tapped value office, class B space in Royal Tech 16 at 3232 Royal Lane, sealing the deal practically in step with Citigroup's exit of the 60,915-sf structure. "Citigroup moved out in December and MHA came in and took over half of that building," says Kathy Permenter, leasing director in Dallas for Grubb & Ellis Co.
Grubb & Ellis' associate Burson Holman tells GlobeSt.com that the 79-month deal involves space in as-is condition, but includes extras like lots of furniture and a back-up generator. The building owner's team says MHA's executives, led by Swearingen Realty Group LLC executive vice president and principal Bruce Hecht, started out looking for space closer to its headquarters at 5001 Statesman Dr., also in Irving, but the ready-to-go corporate space, though it's nearly three miles away, was the dealmaker as is the possibility for expansion. The Royal Tech building, owned by the Glendale, CA-based PS Business Parks Inc., carries a quoted rate of $12 per sf, triple net.
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