ThermoTek Inks Five-Year Lease

FLOWER MOUND, TX-ThermoTek Inc., readying the stage for expansion, will relocate immediately after Easter to 26,000 sf at Corporate Ridge, Champion Partners’ 477,500-sf spec stake in the city’s 1,500-acre Lakeside Business District. A five-year lease is backing the move.

Tony Quisenberry, ThermoTek’s founder and president, tells GlobeSt.com that the plan is to be up and running by April 1 in the 44,030-sf building 2 at 1200 Lakeside Pkwy. He says ThermoTek’s relocation gains 10,000 sf of extra operating room for the team, which is vacating a 12-year location at 1454 Halsey Way in Carrollton as leases expire in two neighboring buildings. In addition, a research and development project has wrapped up at Texas Tech in Lubbock so that site too will go dark.

Quisenberry says the Corporate Ridge space is being outfitted with 7,000 sf of office, 4,000 sf for R&D and the balance dedicated to product assembly. And, he says the deal includes an option for additional space if needed. ThermoTek, which started 15 years ago in Quisenberry’s garage, provides temperature-controlled components for medical devices like X-ray machines and laser equipment. He says the company’s 2008 business plan calls for the addition of lines for cosmetic surgery, dermatology and wood, healing and recovery devices.

Quisenberry says the site search went full circle within a few months, crediting the dealmakers as being the location near Dallas/Fort Worth International Airport, proximity to employees’ homes and curb appeal for future and existing customers. “Convenience is No. 1,” he says, “but we think it’s also pretty out there.” Rates vary in the park, but ThermoTek’s building in recent months was being marketed for sublease at $4.45 per sf triple net, according to the North Texas Data Exchange.

Dallas-based NAI Robert Lynn’s executive vice president Rick Medinis and associate Tyson Erwin represent Champion Partners, which has been passing down city incentives as lures to the four-building development. ThermoTek will be getting a 70% tax rebate on real and personal property for five years, according to the city’s economic development director Melissa Glasgow. The inbound ThermoTek team adds 50 professional jobs to Lakeside Business District, which Glasgow points out “will complement the growing number of businesses in the district quite well.”