Regional Acceptance Corp., with two years invested into its search, has leased 25,060 sf in Bardin Pointe at 1351 E. Bardin Rd. in Arlington. In Lewisville, BEA Systems Inc. drew a one-year hunt to an end with a 14,734-sf expansion by adding several years onto the term for an existing 26,000-sf office at 700 E. Hwy. 121.
Regional Acceptance's hurdle to overcome was a requirement for a high parking ratio. "It took us awhile to meet their need. That was the hard part," says Renee Efimoff of SCM Real Estate Services in Arlington. The auto finance company, an affiliate of Winston-Salem, NC-based BB&T Corp., wanted to stay in Arlington, which limited its options and lengthened the search, according to Efimoff, who partners with the firm's president, Gary Walker. As a result, she says the firm's relocation in June from 18,946 sf at 110 W. Randol Mill Rd. will be coinciding with its lease expiration.
Bardin Pointe is leased by Jeff Schweitzer, vice president of Dallas-based Stream Realty Partners LP and its executive vice president and partner Tim O. Terrell. Schweitzer tells GlobeSt.com that the 7.5-year lease has one bump after the fifth year and includes a right of first refusal on the 30,000-sf balance of the second floor.
"The parking ratio made the deal for us," Terrell confirms. Finish-out will begin in 30 days.
The new deal bumps occupancy to 61% in the 113,000-sf, two-story office building, owned by Hauck Holdings of Cincinnati. The Bloomington IL-based State Farm Mutual Automobile Insurance Co.'s local office takes up 43,700 sf of the first floor of the class B-plus building, which carries a quoted rate of $16 per sf plus electric.
Across the metroplex, BEA Systems' new flat-rate deal pushes the term to 2013 for 40,734 sf of value-office space, according to its brokers, Christine Mickey, vice president for CB Richard Ellis in Dallas, and her partner, Jerry Cobb. He says there was "an exhaustive search" of the Lewisville area, with all options including a build-to-suit office building going on the desk for evaluation. BEA had a one-year window on the expiration of 10,000-sf lease along the Dallas North Tollway when the search began, according to the brokers.
"It was an opportunity from an efficiency perspective to put everyone under one roof," Cobb says. The decision to expand at its three-year location was credited to the relationship with the building owner, TIC Properties Management LLC of Greenville, SC. It also was plug n' play space that had been vacated awhile ago by a mortgage company.
Mickey says the San Jose, CA-based software company will move the tollway team into its new office by the end of March. The 121,200-sf, two-story building is leased by John Hoctor with Holt Lunsford Commercial in Dallas, who is quoting $20.50 plus electric.
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