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FRISCO, TX-A Hall Office Park tenant has bumped a 3,300-sf lease to a full floor after rounding the bend on its first operating year. An original short-term headquarters lease was reworked into a five-year term for 25,271 sf in an under-construction class A office building.

Petron Resources LP, an oil and gas exploration company, has roped off the fourth floor in the six-story 3000 Internet Blvd. The 150,000-sf building is slated for completion in September.

Petron, with its headquarters now at 2601 Network Blvd., initially planned on expanding to a half floor and then executives changed their mind to bump the deal to a full floor, Jean Farris, Hall Financial Group’s leasing director, tells GlobeSt.com. The aggressive shopping for space took place before Petron set up shop in Hall Office Park so that part of the process was eliminated, allowing the deal to go full circle in less than two months. “They were very happy here. They like the building they’re in,” she says, “and this one is a sister to the one they’re in.”

Petron’s executives got a flat-rate deal embedded with the standard allowance for a five-year lease. “I know they’re going to put some additional finishes in that are very forward-thinking,” Farris says.

Petron focuses on developing unconventional resource projects in North America and abroad, targeting reserves and leasehold positions. And like others in its field, it’s expanding at a fast-paced rate. “Fortunately, our business is prospering,” Lisa Butler, Petron’s vice president of administration, says in a press release, “and Hall Office Park has been able to facilitate and accommodate our growth needs within the development.” Dene Allred of CMI Brokerage in Dallas was the deal’s tenant rep.

Petron’s decision and the project’s pipeline support Craig Hall’s decision last year to decision to forge ahead on more spec for his 1.6-million-sf park. “We have enough deals working to take enough of the space that it will be 62% leased if we don’t do anything else before it comes on line in September,” Farris says.

Petron also has a right of refusal for at least one of the building’s upper floors, both premium-priced. Farris says there will another equally impressive deal, targeting the lower floors, ready to talk about in a couple weeks. The new building’s quoted rate is $25.50 per sf to $26 per sf plus electric, including garage parking.

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