The tenant is MCI/Worldcom. The company had three years left on its 17,000-sf lease, and expanded the space to 27,863 at 6363 NW 6th Way and extended the term to five years.
The tenant is in Chapter 11 protection under the U.S. Bankruptcy Code. The property owner, Tricony Florida, lowered the company's rent on its existing space, expanded it, and spent tenant improvement dollars (construction costs to build the interior of the space to suit the tenant's needs) and commissions, according to Pike Rowley, a broker involved in the transaction.
"The creative part was we made the tenant prepay the months of October, November and December in advance to pay for T.I. and commissions," Rowley says. "Brokers deferred commissions until they [come] out of Chapter 11."
Rowley and Joshua Lyle of Codina Realty Services Inc. ONCOR International represented the tenant and Tricony Florida. Park Center has a total of 120,000 sf and is approximately 90% occupied.
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