First Rate Inc.'s headquarters, software development and data center teams will shift into 34,000 sf or two buildings of the 1901 Ascension Blvd. campus and the third will go up for lease, Gary Walker, president of SCM Real Estate Services in Arlington, tells GlobeSt.com. "In five to seven years, they plan to occupy the entire site," he says, "and possibly add on." The long-time DR Horton headquarters will be renamed First Rate Place.
Walker says he'd taken at least two other offers to DR Horton since its move to Fort Worth, but the homebuilder was firm on the price. He says First Rate founder David Stone's letter of intent was signed at the end of 2006. The seller's deal points blocked the closing until two weeks ago, he says. SCM senior broker Beaux Riley and agent Renee Efimoff teamed with Walker to make the close.
First Rate's team will move in August from a 14,000-sf building at 1168 113th St. in Grand Prairie. When the move is done, the SCM team will bring it to market for $1 million.
Walker says the 15-year-old homegrown company started looking for an expansion site about one year ago. "The campus feel of it made it right for them," he adds. "And, they wanted to be in North Arlington where they live."
Riley will market the complex's extra class B office space at $16.50 per sf plus electric. Walker says the preliminary lease drive already has some prospects circling for space.
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