Furniture Manufacturer Renews 88,000-SF Building for Seven Years

Paragon Furniture, a niche manufacturer for educational institutions, renewed just a few months before its lease was ready to expire at 2224 E. Randol Mill Rd., says Eric Beichler, managing partner of Dallas-based Mohr Partners. He tells GlobeSt.com that a site search began one year ago with the tenant eyeing space in Dallas as well as the Great Southwest, but the logistics of holding onto a long-time location proved its mettle as did the cost-reducing dealmaking from the building owner, MetLife, and its broker, Tom Kuhlman with Lincoln Property Co. in Dallas.

"There were some improvements and we did have some free rent in the transaction," Beichler says. "We were able to hold the rate at what we think is 20% below market. We think the savings is quite good." Comparable space in the Great Southwest is fueling a $3.75 per sf to $4.50 per sf, triple net rate.