FORT WORTH-With eight months to go on its 10-year lease, Sprint Spectrum Realty Co. has bundled a new package to stay another five years in a 150,000-sf flex office building in Mercantile Center. The lease has been at the bargaining table about one year.

Sprint’s long-time call center at 4701 Mercantile Dr., positioned at the heart of the 1,500-acre park, was up in the air in the aftermath of the merger with Nextel Corp. “This made sense for them and we tried to make it as rate aggressive as possible so this would be one they’d retain,” Brian L. Randolph with Mercantile Partners LP in Fort Worth tells GlobeSt.com. Flex space in the park runs from $10 per sf to $13 per sf, triple net.

Sprint’s broker Marti Nemer with Jones Lang LaSalle did shop the market, but the area’s limited options kept talks going with Mercantile Partners. The Kansas City, MO-based Sprint picked up tenant-improvement dollars to upgrade the call center’s interior, which is outfitted with a redundancy that helped to keep the tenant in place, according to Randolph.

The building rose as spec space, but Sprint preleased it about midway through construction in 1996. Today, the park contains two million sf of fully leased industrial space and 1.5 million sf of office space that’s 96% filled. Just this week, Countrywide Home Loans Inc. of Calabasas, CA got the keys to 24,000 sf, possibly firing up a plan for Mercantile to build additional office space. Meanwhile at the end of this month, the developer will deliver a 380,000-sf spec industrial project. The expansion calls for a 137,500-sf warehouse and two 121,700-sf twins, which will be on the market for $3.85 per sf, triple net. Also, the crew is getting ready to pour the slab on a 182,000-sf build-to-suit for Kaiser Panel Co. to house its headquarters and manufacturing. Randolph says the 4201 N. Beach St. project will deliver in October.

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