FARMERS BRANCH, TX-With a 60-day search now history, Celestica International Inc. is making plans to complete its move by year’s end into 149,868 sf of the 199,868-sf Valwood 25. Sources say the lease carries a three-year term.

Celestica’s tenant representative, Allen Gump, executive vice president for Colliers International Inc. in Dallas, can’t confirm the lease length due to a confidentiality clause, but he did tell that Valwood 25 at 13755 Diplomat Dr. was the only one of 12 buildings under review “that really hit all the criteria.” The Toronto-based tenant wanted a fully air-conditioned cross-dock building with heavy power, ample parking and a location along a bus line so employees have access to mass transit.

Gump says Valwood 25 is requiring some immediate and moderate tenant improvements to meet the move-in deadline, including an 11,000-sf office finish-out. Celestica needs to have Valwood 25 up and running before it can completely shut down an 85,000-sf operation at 1050 Venture Court in nearby Carrollton. Gump says Celestica has built in enough time to complete the relocation without extending its stay at an eight-year location.

The search included new and old cross-dock buildings in and Dallas/Fort Worth International Airport, Plano and Richardson. “We were looking for a specific type of building. We just got lucky and found the right building,” Gump says, adding the tenant’s must-haves would have been “brutally expensive” if retooling had been necessary. Celestica provides electronic manufacturing services, including design and post-sales repairs for giants like San Jose, CA-headquartered Cisco Systems Inc., Santa Clara, CA-based Sun Microsystems Inc. and IBM Corp. in New York City.

“It’s a nice deal. I think the building was priced well,” Gump says. The 24-dock structure was on the market at a negotiable rate. According to local market reports, Valwood space ranges from $5.13 per sf for general warehouse space to $7.53 per sf for research and development space.

The deal bumped the San Francisco-based Rreef North America-owned building to 100% occupancy. Negotiating for Rreef was CBRE senior associate Steve Trese in Dallas.

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