The Lincolnshire, IL-based Hewitt Associates LLC is taking over 9012 New Trails Dr., a six-year-old build-to-suit for Splitrock Communications Group Inc. The telecommunications company was acquired in 2000 by McLeod USA Inc. of Cedar Rapids, IA in a stock transaction for $2.1 billion.
Sources familiar with the deal tell GlobeSt.com that Hewitt Associates cut a deal "well-below market" for the office space. Similar buildings lease for $14.50 per sf. According to the source, Hewitt Associates inked a second deal for $1 for a plug-and-play setup filled with high-end office furniture and equipment.
Hewitt has gotten room for 300 to 400 employees with the sublease and its third location in the Woodlands. The firm, which bought Exult Inc. in June 2004, also leases about 400,000 sf at 2601 Research Forest Dr. and 8401 New Trails Dr.
The insider says the Woodlands' office market is pushing 100% occupancy with the sublease. The building, he says, was designed for single-tenant use so it was particularly difficult to find a tenant.
Hewitt Associates was represented in the transactions by Rob Mathias of Chicago-based Golub & Co. Pollard Galipp and Mike Novelli of Cypressbrook Co.'s local office brokered the transactions for the building owner, Dirk Laukien of nearby Spring.
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