Jeff Thonrton, senior vice president with building owner Duke Realty Corp. says Samsung's search started about a year ago, and involved a look-see at multiple properties, before short-listing potential assets near Dallas-Fort Worth International Airport. The move to 240 Dividend Dr. will represent a consolidation of operations and an expansion of space for the mobile phone manufacturer, Thornton explains.
Furthermore, "this building is first generation, and Samsung is customizing the interior finish space to customize operational needs," Thornton tells GlobeSt.com. Though he declined to discuss financial details of the lease, he says the ask is $3.25 per square foot for the 756,577-square-foot Point West IV.
Dave Anderson and Pat O'Keefe with CB Richard Ellis represented Samsung Mobile in the transaction. Duke Realty vice president Randy Wood was the in-house representative on the landlord's side.
Once Samsung relocates from its current space at 1000 Klein Rd. in Plano, TX, it will get to work on its "kit" operations. The operation involves receiving mobile phones, then "kitting" them into packages and selling them to mobile phone providers such as AT&T and Verizon Inc. Thornton says that while Samsung has similar operations nationally, the operations at Point West IV will be its largest in the nation, and will bring up to 500 new jobs to the area.
Meanwhile, there is 130,000 square feet remaining at Point West IV. Hemispheres Furniture, a division of Hobby Lobby, took 165,000 square feet in January 2008 through a pre-lease. The remaining space, Thornton says, provides Samsung with some expansion potential, but he won't say no if someone else wants it. "We have one other prospect for the space," he notes.
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