Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-The Dallas-Ft. Worth area slowly regains some footing in a sagging office market as three more deals close for a total of 53,246 sf in Richardson, North Dallas and Lewisville.

The largest pact puts Telecom Network Specialists into a 38,103-sf building in the Richardson Business Center. David Painter and Jeff Schweitzer, both of Dallas-based Stream Realty Partners LP, negotiated the deal on the tenant’s behalf while Michael Peinado of Lincoln Properties, also in Dallas, represented the building owner, RREEF.

Telecom Network will move into the building in the middle of this month, Painter tells GlobeSt.com. Existing tenant Ericsson is in the process of vacating the single-story office building located at 6555 N. Glenville.

Based in Washington state, Telecom Network’s takeover signals the official launch of its first Dallas-area office as readies for a move from a small subleased spot. The firm repairs and installs high-tech equipment for the telecommunication industry. The Richardson Business Park is a conglomerate of single-story flex buildings, primarily leased to single users.

“From an economic standpoint, it was a very good deal for us,” Painter says. The long-term lease was structured in a couple of months and creatively mortared by a good rent for the submarket. “It was aggressive and what you’d expect for this market,” he adds.

A start-up company, Credant Technologies, signs an 11,000-sf sublease at Colonnade III, positioned at 15305 Dallas Parkway in North Dallas. Jack Moravcik, senior vice president of Dallas-based Swearingen Realty Group LLC, represented Credant Technologies and David Cook of the Staubach Co., also in Dallas, negotiated the pact on behalf of FreshPoint Inc.

FreshPoint vacated the office space about four months ago after it was bought out by Cisco Systems, Moravcik tells GlobeSt.com. He’s not talking terms, but did say Credant Technologies signed for the balance of FreshPoint’s five-year master lease at the Equity Office Properties’-owned complex. And, he confides, the spot came at below-market rates. The North Dallas market rate is riding in the mid-$20s per sf. The Colonnade III advertises office space for about $25 per sf gross.

Moravcik said the startup scouted about 30 buildings in the past month before settling on Colonnade III. Credant Technologies is an Austin Ventures-backed software developer, headed up by Bob Heard, that exited incubator space Friday, just one day after Equity Office Properties OK’d the deal.

In Lewisville, Dooley & Mack Constructors Inc. signed for 4,143 sf of office space at 720 Valley Ridge, Units 1 and 2. Dan Spika of Henry S. Miller Commercial in Dallas represented the tenant and June Rose of Dallas-based Stewart-Rose Realtors acted for the building owner, Hermosa Partners.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.