"We weighed the options of moving, but figured it was more beneficial to stay from a cost standpoint," Grant Henson, associate for Dallas-based Stream Realty Partners LP, tells GlobeSt.com. In working out the renewal and 7,079-sf expansion, Henson negotiated a total remodel of the second floor at 12700 Park Central Dr., a 21-story, 512,773-sf office building owned by McKnight Development Corp. of Pittsburgh. LPB Energy will get the keys to the balance of the floor in early October.
Henson says the deal took nearly seven months to go full circle. "We looked around at competitive subleases in the area and buildings in the area," he says.
CB Richard Ellis senior vice president Kathy Permenter and senior associate Burson Holman negotiated the stair-stepped lease for the building owner, which has a $17 per sf plus electric rate attached to the building's space. According to North Texas Data Exchange, there is 61,203 sf open in the building.
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