In the past 60 days, however, more than half of that vacated space has been backfilled. Four tenants have signed on for 160,000 sf, one of the brokers involved in the transactions tells GlobeSt.com.
"By having 270,000 sf walk out, they really got aggressive on rental rates" Insignia/ESG associate director James Bayless tells GlobeSt.com. Bayless should know. He recently inked a six-year, 10,875-sf lease for the Houston-based collection and tele-services agency, GC Services, which is taking space in the park's 9630 N. 25th Ave. building.
The 65-year-old firm, which has two other call centers in Mesa and Phoenix, liked the location because it is near the company's Metro Center site at 8125 N. 23 Ave., Bayless said. Rental rates ranging from $16 per sf to $19 per sf also grabbed the company's interest.
"Their rates and market conditions at Metro Center are such that a tenant is able to capitalize on low rates and aggressive landlords," Bayless notes, adding that the Transwestern site also offers many amenities within walking distance for company employees.
That was the same appeal that brought Ottawa University, Horace Mann Insurance and Ice Gallery, a travel agent call center, into the Transwestern center in the last few months. All three firms grabbed a total of about 90,000 sf of office space in those long-term lease deals.
"They've been doing some pretty aggressive deals," said Bayless, who negotiated the GC Services deal for the tenant along with Insignia/ESG's Ashley Brooks, Keith Lambeth, Charles Miscio and Todd Noel. With about 140,000 sf of the vacated American Express space still left to fill, the center's building owner still has a few more aggressive deals to make in the future.
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