DALLAS-Razor Business Strategy Consultants has leased 40,794 square feet at The Madison, a class A office building in Addison.
The long-term deal represents a renewal and a 6,000-square-foot expansion for the marketing and communications firm, which has been a tenant in the building for six years, according to Jeff Ellerman of CB Richard Ellis. He and Robert Blount, also of CB Richard Ellis, negotiated the lease on behalf of Razor.
Ellerman tells GlobeSt. that Razor’s business has grown dramatically since moving into The Madison, which is located at 5851 Dallas Pkwy. Six years ago, the firm occupied just 5,000 square feet and has added space as it added business and employees.
When Razor’s lease came up for renewal, the firm decided to shop the market. “We looked up and down the Tollway,” Ellerman says, adding that there were initially eight choices that were pared down to three viable options. “They wanted a nice, cool space because they have a young, vibrant workforce, and it’s all about attracting and retaining people.”
Ellerman says Razor wasn’t keen on relocating. “Like most tenants, if they could stay put and accomplish what they wanted, they didn’t want to move,” he notes. “They like the building, and they like the landlord, Granite Properties.”
With the new lease, Razor will occupy the seventh, 10th and 11th floor of 12-story Madison, which offers 288,928 square feet of office space. Currently, the firm occupies space on the third, seventh and 11th floors.
Additionally, Razor received a “significant” tenant improvement allowance to redo its space, along with top-of-the building signage, Ellerman says. “Their new space is going to be even cooler than it is now,” he contends.
Built in 1984, The Madison’s asking rate is $17 to $19 per square foot plus electric. It features an on-site deli, along with a full-service health club. In 2008, the building won an Energy Star Award and this year, it won the BOMA 360 Performance Building Award.
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