ThyssenKrupp Doubles Footprint in Hall Office Park

FRISCO, TX-ThyssenKrupp, clutching a pair of co-terminus, seven-year leases, has worked out an extension and expansion to double its class A office space at Hall Office Park. Finish-out is underway on 39,658 sf; move-in will be done by Thanksgiving.

With the double signing, ThyssenKrupp assumes lead tenant status at 2591 Dallas Parkway, where it will house a decentralized corporate office in 32,335 sf, and takes down another 7,323 sf at 2801 Network Blvd. for a southwest regional office with a 13-state territory. The decentralized office services North and South America and Canada. The deal has been in the market about one year.

“There’s a lot of competition for a company of their type,” Mark Depker, executive vice president of Hall Financial Group, tells GlobeSt.com. “They were being courted by several….We just had to be very aggressive in our deal-making posture.”

ThyssenKrupp, headquartered in Dusselfdorf, Germany, has been occupying about 15,000 sf at 2595 Dallas Parkway in the Frisco park for the past 3.5 years. With the park relocation, ThyssenKrupp’s name goes on the side of a 147,500-sf, class A building that’s now 92% leased. Depker says the corporation gets the top floor and part of the fifth and an expansion option for the future. The smaller office will be set up on the seventh floor of the eight-story, 197,745-sf structure, with the ThyssenKrupp signing nudging a lease-up campaign to the 70% occupancy mark. Quoted rents in the 1.2-million-sf park are $22 per sf to $23 per sf.

“Our year-long site selection process included the entire DFW metroplex and beyond,” Stuart Prior, executive vice president of North American product sales for ThyssenKrupp Elevator, says in a press release, citing the park’s amenities as a consideration by decision-makers. “Economic assistance from the Frisco Economic Development Corp. was also an important component of the decision.” Rick Hughes with Cushman & Wakefield of Texas Inc. represented ThyssenKrupp.