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Meritage Parks 42,000-SF Lease at MacArthur Ridge

IRVING, TX-The class AA space is secured with a seven-year term after an aggressive chase in the market for the deal. Meritage will consolidate all but one office in the region.

By Connie Gore | Updated on April 16, 2008

IRVING, TX-In a fierce competition for the deal, Meritage Homes Corp. has given its nod to MacArthur Ridge II, inking a 42,000-sf lease with a seven-year term for the class AA office space. The company, gaming out a consolidation, will get its keys in September.

“We chased it like crazy,” Joel Pustmueller, partner in Dallas-based Peloton Real Estate Partners, tells GlobeSt.com. “We put a very attractive deal on the table for them.” He says the Scottsdale, AZ-based Meritage plans to keep an office along the Dallas North Tollway and roll all others in Dallas and Fort Worth under one roof at 909 Hidden Ridge Dr. in Las Colinas. Based on tax records, the company has 12 locations in Dallas and Tarrant counties.

Pustmueller says negotiations for the stair-stepped pact went full circle in two months. Meritage is taking 20,000 sf at street level and the 22,000-sf balance of the fourth floor in the six-story building. The street-level space is earmarked for Meritage’s design center, title company and mortgage brokerage services. The just-leased space is in shell condition, allowing Meritage to build from scratch.

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