X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-A high-tech background check company has ripped up a one-year-old headquarters lease to get expansion space in the class A Banner Place, making an immediate move into 8,774 sf and planning to add on 5,259 sf next year.

The new deal for backgroundchecks.com holds the same expiration date in 2014, David Hughes, Banner Place’s leasing agent with Gaedeke Group, tells GlobeSt,com. To make the deal work, a tenant on the 11th floor was relocated to get a contiguous block large enough for the firm’s expansion in the 12770 Coit Rd. office building, according to Hughes. The firm plans to hire up to 50 more workers in the coming year.

Hughes says the stair-stepped lease anted up $18 per sf for the finish-out allowance. Chuck Green with Chuck Green & Associates of Dallas represented backgroundchecks.com, which started out in a 3,100-sf office in 2004.

The expansion pact boosts occupancy to 81% in the 12-story, 280,432-sf office building, owned by Gaedeke Holdings II Ltd. and leased and managed by its affiliate, Gaedeke Group. The building’s quoted rent is $16 per sf to $17 per sf.

Hughes says the hurdle to overcome was relocating an existing tenant. “It’s a growing tenant so that’s a good problem to have,” he says.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.