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PLANO, TX-MedAssets has taken down 100,000 square feet through a 10-year-plus lease its new regional headquarters. The company will consolidate current offices in Dallas and Richardson, TX into the new space in two phases.

The first move-in at 5556 Tennyson Pkwy. in Legacy Business Park will take place in September 2009. MedAssets will take the top floor of the building, which is owned by Duke Realty Corp. Oracle, the current tenant, will continue leasing the bottom half of the facility until its lease expires in September 2010, when MedAssets’ second move-in will take place.

Jeff Thornton, senior vice president with Duke Realty’s Dallas office says Oracle had the lease of the entire building since 2006, which began life about 10 years ago as a build-to-suit for MetaSolv Inc. When Oracle acquired MetaSolv in 2006, it also acquired the building’s lease. Thornton tells GlobeSt.com that Oracle had been trying to sublet half the building’s space for awhile. With MedAssets on board, Duke and Oracle have terminated Oracle’s lease for half of the building.

“MedAssets needed 100,000 total, but needed only 50,000 square feet in the fall,” Thornton explains, adding that the consolidation from the health care financial consulting company’s two different locations is what’s driving the move-in timing. “This is a tall order for any landlord, but this provided the right building and the right location that is right for phased occupancy,” Thornton says.

He adds that TIs are part of the deal, and involve repainting, re-carpeting and some retrofitting, though nothing major. The quoted lease rate for the building is $21.50 per sf gross, plus electric.

Duke Realty was represented in-house the company’s office leasing representative Ben Appleby and Dale Ray of Peloton Real Estate Partners in Dallas. MedAssets was represented by John Flack with CresaPartner’s Atlanta, GA office and Jeff Ellerman, Scott Hobbs and Robert Blount with CB Richard Ellis’ Dallas office. Oracle was represented by Greg Langston and Brett Hefton with CresaPartners’ Dallas office.

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