ALLEN, TX-Kone Inc. has inked two leases totaling more than 36,000 square feet to split its existing operations, which currently are housed in 24,000 square feet in McKinney, TX.
Moline, IL-based company, which manufactures and installs elevators and escalators, signed a long-term lease for 20,475 square feet of flex industrial space at Twin Creeks Business Center and roughly 16,000 square feet of class A office space at One Allen Center. It has the distinction of being the city's largest corporate win to date this year.
"They are a good corporate citizen,” says Robert Winningham, Allen's economic development director. “We're really pleased to have them in Allen and to help them expand down the road."
The cities of Allen and Frisco aggressively competed for Kone's nod. "Our board was very supportive of the incentive package that our staff presented," Willingham says.
Kone is planning a third-quarter move to the new space. Jeff Patman of Site Selection Group represented Kone in both transactions.
Kone considered Allen, McKinney and Plano for its new operations base, according to Susan Singer, senior vice president and managing partner of Bradford Commercial Real Estate Services. She and Chris Stout, market director, negotiated the flex industrial deal on behalf of the building owner, Twin Creeks Warehouse Venture L.P., a development partnership between Bradford and Northwestern Mutual Life Insurance Co.
Singer tells GlobeSt. that Kone wanted its industrial and office locations to be close to one another. In Allen, Twin Creeks Business Center and One Allen Center made the most compelling case.
"If they were moving to Allen, it was going to be Twin Creeks," Singer says. ”We had a spec office space we had just completed that will require very little renovation to make it work for them plus we have the ability to expand them if needed in the future."
Kone will dedicate its space in Twin Creeks Business Center to training, testing and inventory warehousing. Located at 1301 N. Watters Rd., within Twin Creeks Business Parks, the Center is a three-building, 180,000-square-foot project developed in 2008.
Kone will occupy space on floors one and five of One Allen Center, according to Dale Ray of Peloton Commercial Real Estate of Dallas. He and Joel Pustmueller handle the lease for One Allen Center, a 150,492-square-foot, class A building located at 700 Central Expressway South.
Developed and owned by Duke Realty Corp., One Allen Center is part of Allen Central Park, a 32-acre, 1-million-square-foot master-planned office development. Ray tells GlobeSt. that Kone will have signage rights on the five-story building, which was built in 2007.
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