Chuck White, president and CEO of NAI Commercial Jacksonville, says Xorail considered up to a dozen properties before agreeing to an eight-year lease with JTB Center's landlord, Birmingham, AL-based Colonial Properties Trust. He would not disclose specifics of the new lease, except to say that it includes a combination of free rent, rent credits and an inducement to use any unspent tenant-improvement dollars.
Xorail, formerly known as Southwest Signal Engineering, is currently based at 7235 Bonneval Road. The company began operating in Jacksonville in 1990 and has expanded to offices in 10 states.
"They were in a building where they couldn't expand, and they are in an expanding industry," White tells GlobeSt.com. He adds that Xorail explored the market for new space at the right time, particularly with current local office rents averaging $19 per square foot.
The Carlton Building is one of two at JTB Center, which opened a decade ago and totals 212,000 square feet. Asking rents at the property are posted at $20.50 per square foot.
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