"Their business is tied to the oil business so it's just booming right now," says Mark Nicholas, a senior vice president in the city for Staubach Co. He tells GlobeSt.com that Draka USA, a subsidiary of Netherlands-based Draka Industries, took down more space than it needed at 1610 Greens Rd. "They only needed about 25,000 sf, but decided to take the remaining 38,400 sf."
Roughly 4,000 sf of the expansion space is being built out as office area for Draka USA's sales force. The new deal includes 15,000 sf of yard storage space.
The building leases for $4.20 per sf, triple net, according to Nicholas. "We did better than that because of the quality of the credit," he says, adding Draka USA received several months of free rent as a result of the negotiations. David Hudson with Trammell Crow's local office represented the building owner, Connecticut General Life Insurance Co.
According to Nicholas, Draka USA was the first tenant in the three-year-old building, which it shares with Ramteq Inc. Draka started out with 33,600 sf in 2002 to establish its North American headquarters and then bumped the total to 54,400 sf in 2004. "We had first right of refusal for any contiguous space," Nicholas explains. "The space is very functional and works well for Draka." He says the firm's space needs have been met for awhile.
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