DALLAS-The Neiman Marcus Group Inc. has expanded its presence in Pinnacle Park by roughly 40%, leasing 470,250 square feet of industrial space for 10 years. The luxury retailer currently occupies 292,500 square feet in the class A building, and the remaining space is filled by FedEx.
With the expansion, Neiman Marcus will occupy the entire building located at 4121 Pinnacle Point Dr. It will use the space as a regional distribution facility for its Last Call division.
“We’ve been discussing Neiman’s expansion for a while, but FedEx occupied the rest of the building, and they wanted to expand too,” says Corbin Crews, vice president of CB Richard Ellis’ local office. He represented the local landlord, TR Pinnacle Corp. Neiman Marcus was represented internally by Greg Shields, senior vice president of distribution/logistics and fulfillment.
Crews tells GlobeSt.com that Neiman Marcus’ lease had two years left on it, and that the company had made a significant investment in its space. Fortunately, the retailer, FedEx and TR Pinnacle Corp. worked together to find a solution.
“Neiman Marcus is one of FedEx’s valued customers, and we were able to work out a deal where FedEx would vacant the building, and Neiman would take FedEx’s space,” Crews explains. “It is not a simple deal when you have two large, sophisticated companies that want the same space. It took multiple meetings and a lot of time to work it out.”
Sheilds says Neiman Marcus has been very satisfied with the Pinnacle Park location and its proximity to a terrific work force. As part of the deal, TR Pinnacle Corp. built out the former FedEx space with HVAC and improved lighting.
“This was a good deal for all parties involved,” Crews says. “The landlord was happy to get a 10-year commitment in this type of market.”
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