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COPPELL, TX-Prentiss Properties has bought out a lease to win a 62,122-sf tenant for its three-year-old Lakeview Center in the Dallas suburb of Coppell. The creative packaging will drive a July 8 relocation for ValueOptions, a Falls Church, VA-based managed behavioral health-care organization.

ValueOptions will be vacating about 40,000 sf less than a mile away at a Freeport building in Irving. Prentiss’ Duane Henley, senior vice president, tells GlobeSt.com that a recent lease buyout at Lakeview provided the funds to do the deal with ValueOptions. Canada-based VNU Co. bought out the 7 1/2-year balance on publishing company Miller Freeman’s spot, the same space that ValueOptions will be occupying.

Representing ValueOptions at the bargaining table was the Julien J. Studley team of Art Green, managing director in Dallas; and Charles Henyon, senior managing director, and Lawson Wilder, managing director, both of the suburban Washington, DC office.

ValueOptions will use the office space at 1199 Beltline Rd. for its 24-hour service center. Tenant finish-out is under way, part of the terms for a speedy deal that brings some net absorption at last, says Green. “You’re not seeing a lot of tenants expand in this market,” he tells GlobeSt.com.

From Green’s perspective, the deal simply was “one of the most creative” that he’s helped to broker. The lease assumption at the competing building was the key to winning the long-term contract. Henley confides he doesn’t have another tenant lined up for his competition and it’s really not a concern because the end cost was paid in full by VNU’s buyout.

ValueOptions operates seven service centers in the US. The Dallas team will be taking over the lead spot in the 101,365-sf Lakeview Center. But, says Green, the firm likes to stay low profile and won’t be stamping its name on the building.

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