"We looked at everything," Kevin S. McGovern, senior vice president in the Dallas office for Grubb & Ellis Co., tells GlobeSt.com about the five-month search. "It was a good deal for both sides. I can't say any one side won out." The 8550 Freeport Parkway building wasn't being marketed to other users, but the tenant rep says comparable space would go for $18.50 per sf to $19 per sf. Building owner UBS Realty Investors of Boston had Eric Rutledge with Cushman & Wakefield of Texas Inc. negotiating its terms.
ATX Group has occupied the entire structure for seven years, also using the space for data and call centers. The hurdle to overcome was to define the company's expansion plans, according to McGovern. "Their expansion plans don't have to happen immediately," he explains. "But, we are working some things."
McGovern says the door is always open to lease nearby office space if needed. ATX now leases about 3,000 sf in Las Colinas Commons at 1525 W. Walnut Hill and locations in Europe for its voice-data platform, which provides emergency response, stolen vehicle tracking and navigation assistance to subscribers and owners of Mercedes-Benz, BMW and Rolls-Royce vehicles.
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