RICHARDSON, TX-A Garland semiconductor company is settling into 18,000 sf at a RREEF-owned building in the Telecom Corridor, compliments of a long-term deal that came with free rent, $130,000 in TIs and premier space recently vacated by Ericsson Corp.
The “aggressive” wheeling and dealing brought two months of free rent and six months of half rent for InterFET Corp., Buddy Turner of Mohr Partners tells GlobeSt.com. Clearly, the terms show how aggressive talks have gotten, particularly in a submarket such as the Telecom Corridor where the space race is battling a 27.1% vacancy, according to the latest numbers from Grubb & Ellis Co.
InterFET moved from 1000 N. Shiloh Rd. to 715 N. Glenville. Turner was showing the tenant around the market for almost eight months before the RREEF property became an option. Jeff White and Mike McCartan, both of Mark V Commercial in Dallas, bargained for RREEF.
“Everybody is getting aggressive,” Turner says. “This building got real aggressive quickly, which turned our heads.” The bottom line is it was the best economics with the space that worked. InterFET is getting about the same size offices that it had in Garland, but space better suited to its needs, according to Turner.
In Frisco, ThyssenKrupp Elevator Co. expanded its lease for the third time at Hall Office Park. The tenant now occupies 12,328 sf at 2595 Dallas Parkway. Rick Hughes, senior director, and Noel Hutcheson, both with Cushman & Wakefield of Texas Inc.’s Dallas office, represent the international elevator maker. Hall Financial Group’s Buddy Langston did the bargaining for the property owner.