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ADDISON, TX-A 26,983-sf lease has just turned on lights for a new call center in a plan to create 120 jobs in 18 months. The deal comes on the heels of another to hang a “no vacancy” sign on Addison Technology Center.

Encore Payment Systems’ principals struck a five-year lease for 3801 Arapaho Rd., an AMB Property Co. building leased by Gil Stroube of Lincoln Property Co. in Dallas. Michael Carmichael, leasing director for Kennedy Wilson International’s Dallas office, tells GlobeSt.com that the headquarters lease was cut as soon as Encore’s owners were free of a non-compete clause for a business that they sold six months ago. By year’s end, Encore’s business plan calls for up to 70 employees and as many as 120 in the next 18 months.

Carmichael says only a few sites in the Addison area fell within the parameters of Encore’s requirements for parking and flex office spaces. Finish-out was required, but “the landlord acted very quickly,” he says of a quick turn from signing to move-in.

The deal’s sweet spot was the economics. “The deal ended up below $7 per sf triple net and an all-in cost of less than $10 per sf,” Carmichael confides. “It was a really nice deal from an economic standpoint, but then the tenant improvements weren’t heavy either.” Another business signed a 46,000-sf lease shortly before Encore sealed its deal with the San Francisco-based property owner, he says.

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