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IRVING, TX-In a fast-paced race for expansion space, two insurance companies have taken over a 30,100-sf office building with five-year, flat-rate leases for as-is space. Negotiations and move-ins went full circle in less than three months.

“It pulled together like nothing I’ve ever seen,” Sam Weatherby, vice president in Dallas for Jones Lang LaSalle Americas Inc., tells GlobeSt.com about the lease-up at 4929 Royal Lane by LifeGuard Benefits LLC and Insuraco LLC. Both tenants have relocated in sync with lease expirations in Southlake and Fort Worth.

The Dover, DE-based Insuraco got a 40% expansion for its regional team while Lifeguard Benefits’ headquarters group also picked up extra elbow room with the 50-50 takeover of the class B office building, according to Weatherby, whose tenant rep teammate was JLL vice president Juan Escudero. Weatherby says the lease, with a combination of free and discounted rent, puts the effective comes “at just above $12 per sf.” The building was marketed at $13.50 per sf plus electric.

Weatherby says the site search was focused on the Freeport submarket. “There were a few options, but none as clean as this,” he adds.

Weatherby says a lease buyout opened the door for a direct deal with Dallas-based owner Charter Holdings. Stream Realty Partners LP’s Campbell Henry had been marketing the empty call center, once leased to the former Wyndham Hotel & Resorts Inc.

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