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PLANO, TX-As part of a Chapter 11 bankruptcy reorganization, Metromedia Steakhouses Co. has subleased 19,975 sf of as-is office space in West Plano, taking over the three-year balance of Genband Inc.’s term in a 107,660-sf building in West Plano. Metromedia plans to set up its new shop this Saturday.

Metromedia Steakhouses is the parent of Ponderosa and Bonanza steakhouse chains and sister of locally based S&A Restaurant Corp., which filed a Chapter 7 bankruptcy in the summer. Nora Hogan, principal of Transwestern Dallas, tells GlobeSt.com that she and partner Robert Deptula, also a principal, put the tenant in place in less than one month. The winner of the quick market search is Lexington Place at 3701 W. Plano Pkwy.

Hogan says Metromedia picked up all the plug ‘n’ play space that Genband had available after its move to a larger office at 3605 E. Plano Pkwy. Genband’s tenant representatives were Michael Quint and Beryl George with Jackson & Cooksey in Dallas. In the upper tollway-West Plano submarket, the vacancy, including sublease, is 16.1% in a 19.3-million-sf inventory, according to Transwestern’s research affiliate, Delta Associates Inc. of Washington, DC. Class A and class B office rates are $24.72 per sf and $22.42 per sf, respectively.

S&A and Metromedia are subsidiaries of Metromedia Restaurant Group. The S&A bankruptcy resulted in 100 closings of corporate-owned Bennigan’s, Tavern and Steak & Ale locations in the US., with Atlanta-based Atalaya Capital Management stepping in recently for the Bennigan’s piece, according to published accounts. The acquisition of Bennigan’s Franchising Co. is to close by Oct. 31.

None of Metromedia’s franchised locations are involved in the bankruptcies. There are 170 franchised restaurants for Ponderosa and 48 for Bonanza. Metromedia’s corporate-owned portfolio consists of 50 Ponderosa locations in the US.

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