EDEN PRAIRIE, MN-Josh Budish with Liberty Property Trust says that the firm was recently able to lease out a 23,183-square-foot flex building in Shady Oak Business Center one week after it had been vacated. Savillex Corp. recently signed a long-term lease for the flex building.
Budish tells GlobeSt.com that Williams Sound Corp. left the B building, at 10321 West 70th St. for another facility within the business center. The Savillex deal was signed shortly after the move, he says. “It was a unique deal in the market, where many landlords are sitting on vacant space for 12 to 24 months. It was just the right building and right location, the new tenant was able to use some of the existing infrastructure that the former tenant was leaving behind,” Budish says. He says the general market has still been slow, with only a slight uptick in demand from 2009.
Liberty was able to get “a little creative” on saving money for the new tenant, Budish says. He wouldn’t comment on the lease rate, but says the complex asking rate is $10 per square foot for office and $5 per square foot for warehouse. This building incorporates some of both, he says.
Liberty owns six buildings on the campus, and is about 99% leased in 230,000 square feet. The Malvern, PA-based firm owns and manages nearly 3.7 million square feet of office, flex and industrial property in Minnesota, including more than 45 major parks and buildings.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.