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DALLAS-Aegon USA Realty Advisors has brought Grubb & Ellis Co.’s Dallas office on board to assist with upgrades and lease-up of the 296,179-square-foot TriStone office portfolio, effective July 1. Grubb & Ellis will take leasing activities from Bradford Commercial Real Estate Services, which will retain the management end of the class B portfolio.

Grubb & Ellis senior vice president Chris Wright tells GlobeSt.com that the buildings in the North Dallas submarket were once home to main tenants LeTourneau University and Bear Transportation Services. The economy forced both organizations to downsize and relocate, however, resulting in an occupancy just above 21%.

Wright, who is working with Grubb & Ellis managing director Kathy Permenter and associate Noreen Mehdi on leasing up the buildings at 5710, 5720 and 5728 Interstate 635 (Lyndon B. Johnson Freeway), says specific upgrades are still in the planning phases. However, it’s estimated that Aegon USA Realty could spend up to $1.5 million on interior renovations and possibly a spuce-up on the outside as well. “The goal is to make all the buildings consistent with each other,” Mehdi remarks.

“Some renovations have taken place already,” Wright adds. “All three buildings have had lobby renovations. We’ll build off that momentum and continue improvements.” He adds that the hammers could start swinging within the next 90 days.

When all is said and done, the efforts will lead to the availability of an entire 75,000-square-foot building for lease at an ask of $13.50 per square foot plus electricity. “If a large user comes along, this is a great building and it gives that user a good campus,” Wright comments. “It’s difficult to find a 75,000 square-foot-building in that market, where a tenant can get top-of-building signage.”

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