Susan Arledge, president of Arledge Partners Real Estate Group in Dallas, says the US headquarters search was confined to a five-mile radius of an employees' zip code analysis, with the winner's location at 250 E. Arapaho Rd. falling close to the majority of the 220-member workforce's residences. She says the division's sale also included a commitment to vacate as soon as possible from ADS' headquarters campus at 17655 Waterview Pkwy. in Dallas. The move is penciled for October, with sale set to officially close sometime this quarter.
"The driver was they could quickly retrofit the space, it had the parking and had the image they were looking for," Arledge tells GlobeSt.com. Vertex took 37,346 sf or about half of the first floor in Richardson Commons' 155,984-sf, two-story building with 779 parking spaces. And, there is a right of first refusal for more of its class A-minus office, says Arledge, who teamed with colleague Jeff Pappas to lock down the deal.
"We do hope to see them expand in the future," says Michael Ablon, founder of Pegasus Ablon Properties in Dallas, one of the asset's three owners. "The ownership really wanted Vertex as a tenant. Our ability to execute a smooth and brisk transaction was critical to them achieving their goals in terms of timing."
Interprise Design of Dallas is overseeing Vertex's finish-out on the shell space, which is slated to get any day now. Rodney Helm, vice president of Capstar Commercial Real Estate Services in Dallas, represented the Dallas owners, which includes Westmount Realty Capital LLC and Baker Equity Holdings LLC.
The three-building complex, which includes flex space, was empty when the joint venture bought it in June 2007 for redevelopment. After more than $1 million of work, the space has come back to the market with a tag of $18 per sf plus electric.
Vertex handles utility customer service and meter-to-cash sub-processes for more than 70 electric, water, gas and retail energy companies in the US and Canada. The 12-year-old company, which employs 9,000 globally, has 2,500 employees in 18 centers in North America.
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