Parc 114 is a multi-phased, flex-warehouse development designed for small- to mid-sized users. The project, a joint-venture between Dallas-based developer Jackson-Shaw and ORIX Real Estate Capital Inc., also of Dallas, will ultimately consist of nine buildings containing nearly 600,000 square feet of space.

The GSA is the first tenant to sign a lease at Parc 114. It's new building will be completed in December 2010. The building is the only new industrial construction project in the DFW Airport market, according to Jason Nunley, vice president of development at Jackson-Shaw.

The building will be comprised of office and warehouse space, and the GSA will move in soon after the building is completed, Nunley tells GlobeSt. "The development's central location within the Metroplex, close proximity to DFW International Airport and unique design elements were factors in the agency's decision to select Parc 114," he says.

Nunley directed Parc 114's development. To date, five buildings totaling approximately 376,000 square feet of flex/warehouse space have been completed in the project, which was designed by GSR Andrade and built by MYCON General Contractors.

The development is exclusively represented for leasing by Jackson-Shaw, as well as Bob Hagewood and Blake Kendrick of Stream Realty Partners. Asking rates for the existing five buildings at Parc 114 range from $5 to $10.50 per square foot.

Nunley says Jackson-Shaw is exploring potential build-to-suit opportunities for Parc 114, but does not have any additional speculative development planned.