Largest Leases - Fall 2016 Scorecard



 

New tenants are moving into Dallas-Fort Worth, but a great deal of the leasing activity of this past quarter has come from existing tenants expanding into larger digs. That’s why vacancies are tightening, even with new construction that’s underway. Here, we look at the top five office, industrial, and retail leases across North Texas during the past three months. As always, data is provided by Xceligent Inc.

 

ON-THE-GROUND INSIGHTS

 

OFFICE  

“The interest from corporations about relocating to the Dallas area continues to increase, and the DFW region continues to be at the top of most relocation decisions.”

— Susan Arledge, Managing Director, E Smith Realtors

“Development is perfectly aligned with demand. We have shifted from a great to a good market as we come out of the summer period, which is typically slower.”

— Trey Fricke, Principal, Lee & Associates

 

INDUSTRIAL

“The most interesting trend I’m seeing is the increase in base rents. Over the past three years, they’ve reached levels greater than what we’ve experienced prior.”

— Gary Lindsey, Managing Director, Newmark Grubb Knight Frank

 

RETAIL

“The outlook for 2017 is good, as we’ve only begun to see the positive impact of population growth and retail demand created by the wave of new corporate headquarters.”

— Marshall Mills, The Weitzman Group

 

 

LARGEST OFFICE LEASES

 

1. U.S. GSA and EPA

Size: 229,000 square feet at Renaissance Tower

Landlord: Binyan Realty LP

Leasing agents: Dennis Barnes, Clay Gilbert, and Ben Davis with CBRE

Details: Two U.S. agencies, the General Services Administration and the Environmental Protection Agency, are leaving Fountain Place for Renaissance Tower, where they’ve signed a 20-year lease.

 

2. FM GLOBAL

Size: 79,500 square feet

Tenant rep: Mary Stoner, Colliers International

Landlord: Blue Star Land

Leasing agents: Worthey Wiles, Jake Young, Chris Axley, and Eliot Prieur of Lincoln Property Co.

Details: FM Global will be the largest tenant at The Star’s signature office tower and home of the Dallas Cowboys in Frisco. The commercial property insurer will occupy the entire sixth floor, and space on the fifth floor, too. About 300 employees will take occupancy in June 2017.

 

3. BANK OF AMERICA

Size: 63,000 square feet

Tenant rep: Russell Cosby and Steve Thelen, JLL

Landlord: Blue Star Land

Leasing agents: Worthey Wiles, Jake Young, Chris Axley, and Eliot Prieur of Lincoln Property Co.

Details: About 200 employees of Bank America and affiliates, including Merrill Lynch and U.S. Trust, will move to Frisco’s new mixed-use complex in early 2017. 

 

4. APRIMA MEDICAL SOFTWARE INC.

Size: 55,000 square feet 

Tenant rep: John Roper with CBRE

Landlord: Momentum Commercial Realty

Leasing agents: Roy Greenberg and Bryan Lurie with Momentum

Details: The electronic health records company signed a corporate headquarters lease at 1010 E. Arapaho Road in Richardson. About 250 Aprima employees from various North Texas sites, including its former headquarters in Carrollton, began moving into the new space in August.

 

5. COCA-COLA

Size: 27,000 square feet at Granite Park

Tenant reps: Greg Biggs, Conor McCarthy, Torrey Littlejohn, and Brooke Armstrong of JLL

Landlord: Granite Properties

Leasing agents: Aarica Mims and Robert Jimenez of Granite

Details: The soft-drink giant is the latest big corporate brand to pick Plano. About 100 employees will make the move to the ninth floor of Granite Park One in December. The 10-story, 256,000-square-foot building was developed in 1999.

 

LARGEST INDUSTRIAL LEASES

 

1. GEODIS

Size: 616,875 square feet

Tenant rep: Ann Huntington with CBRE

Landlord: Mept Gateway/Pinnacle Park LP

Leasing agent: Bates Arnot with Hillwood

Details: A leading third-party logistics provider in North America, it previously operated as Ozburn-Hessey, before being acquired by GEODIS. The company renewed its lease for its large operation in Dallas. 

 

2. GEODIS

Size: 225,500 square feet 

Tenant rep: Ann Huntington with CBRE

Sublessor: Southwest Moulding Co. LP

Leasing agents: Nathan Orbin and Michael Swaldi with JLL

Details: In another big deal, GEODIS subleased space for a big operation at 3845 Gifford Street in Grand Prairie.

 

3. GEODIS

Size: 190,913 square feet

Tenant rep: Ann Huntington with CBRE

Landlord: DCT La Reunion LLC

Details: Along with its renewal and sublease, the 3PL has inked a new lease at 3801-3875 La Reunion Pkwy. The property sits near Interstate 30 in West Dallas.

 

4. VPET USA Inc.

Size: 167,440 square feet

Tenant rep: Ryan Wolcott of Stream Realty Partners

Landlord: Huntington Industrial

Leasing agents: Seth Koschak and Eric Crutchfield of Stream

Details: Garland is expanding its manufacturing base with VPET USA Inc., a plastic bottle manufacturer based in California. The company went on to purchase 3839 Distribution Drive upon completion.

 

5. HOTLINE DELIVERY SYSTEM

Size: 110,240 square feet

Leasing agent: Dave Anderson of CBRE

Details: The delivery and shipping company leased the space in International Airport Center at 615 Westport Pkwy. in Grapevine.

 

 

LARGEST RETAIL LEASES

 

1. HOBBY LOBBY

Size: 55,000 square feet

Location: Southwest corner of U.S. Hwy. 287 and Broad Street in Mansfield

Tenant rep: Paul Burkhart with Concordia Equity LC

Landlord: 42 HL Mansfield LP

Leasing agents: John Zikos, Edward Bogel, and David Davidson Jr. with Venture Commercial Real Estate

Details: A new store for Hobby Lobby will join Kohl’s as anchors in Mansfield Marketplace;

 

2. SPROUTS FARMERS MARKET

Size: 28,000 square feet 

Tenant rep: Jean Smith with CBRE

Location: 7100 Wildcat Way in Dallas

Landlord: Cypress Advisors

Leasing agents: Jeff Kittleson and Rich Flaten with CBRE

Details: Sprouts will open its newest North Texas grocery store near Walnut Hill Lane in the Lake Highlands area.

 

3. HABITAT FOR HUMANITY RESTORE

Size: 18,000 square feet

Location: 2060 W. Spring Creek Pkwy. in Plano

Tenant rep: David Schnitzer with Venture Commercial Real Estate

Landlord: WC Custer Creek Center LP

Leasing agent: Roger Smeltzer with Vision Commercial

Details: Habitat for Humanity of South Collin County will open a nonprofit home improvement store and donation center at Custer Creek in Plano.

 

4. KIRKLAND’S

Size: 11,590 square feet

Location: Southwest corner of E. Southlake Boulevard and S. Carroll Ave. in Southlake

Tenant rep: Greg Bracchi and Megan Nabholtz Trimble with EDGE Realty Partners

Landlord: Excel Southlake I

Leasing agents: Tim Henson and Amy Pjetrovic with Venture Commercial Real Estate

Details: The home decor retailer will join REI, Luke’s Locker, and other tenants at Park Village, a 186,000-square-foot outdoor shopping center.

 

5. BOI NA BRAZA CHURRASCARIA

Size: 7,579 square feet

Location: 300 W. Las Colinas Blvd. in Irving

Tenant rep: Dennis Leibovitz with The Retail Connection

Landlord: Ark Group of Irving Inc.

Details: Boi Na Braza is the latest restaurant tenant to sign on for space in the Music Factory in Las Colinas.