The deal went full circle in 90 days, with Drive Financial grabbing a full floor of contiguous space to get room for several hundred upcoming hires, Seth Weinstein, principal of locally based Predium, tells GlobeSt.com. Just last year, the specialty lender renewed its five-floor block in the 12-story building at 8585 Stemmons Freeway.
"Our goal was to reduce occupancy costs on the expansion while maintaining flexibility for a rapidly growing business," Weinstein says. Drive Financial will get the keys March 1 to the fourth floor.
The negotiated deal won a $328,806 finish-out, being done by Fortis Commercial Construction of Dallas, and five months of free rent along with expansion rights for the building's balance. The Twin Towers' footprint totals 449,000 sf, with Drive Financial now in 25% of its building.
Weinstein and Predium principal Mitchell Wolff negotiated the pact with the building owner's in-house broker, Brian Roach of Jamison Properties Inc. Weinstein says alternative sites for the extra room were under consideration. "But in the end, it made sense to keep it all under one roof," he added. The Twin Towers' footprint totals 449,000 sf, with Drive Financial now in 25% of its building.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
