IRVING, TX-Cartus has renewed its lease for 62,267 square feet of office space at its global headquarters, while simultaneously subleasing 17,794 square feet of additional office space obtained through an acquisition.
The company, which is one of the nation’s largest relocation firms, worked with Kyle Jacobs and John H. Pope with Stream Realty Partners’ local office to negotiate the two deals. The team began working on the renewal nearly two years ago.
Pope tells GlobeSt.com that Cartus’ existing lease at 8081 Royal Ridge Pkwy. in Irving was structured to expire late next year. “Cartus saw that rates were at a historic low, they wanted to take advantage of the market,” he explains, adding that the firm looked at 15 different options.
Jacobs notes that by leveraging knowledge from the market search, the team was able to nail down a 7.5-year deal for Cartus that was “atypical” of the market. “The new lease is a 15% reduction from what they were paying,” he says.
Chris Taylor and Ward Eastman of Cassidy Turley represented Equity Office, the owner of 8081 Royal Ridge Pkwy.
During negotiations for Cartus’ Royal Ridge facility, the company acquired Primacy Relocation, which occupied 17,794 square foot at 5800 Granite Pkwy in Plano. “Cartus relocated the Primacy employees to its Irving office and was left with space it didn’t need,” Pope explains, adding that Primacy’s lease expired in December 2014.
By reaching out to the broker community and canvassing the market, Pope and Jacobs were able to backfill the sublease space with ITKO, a local software company, in just six months. ITKO had had outgrown its existing space and subleased the space for the remainder of Primacy’s term.
“ITKO was looking for plug-and-play space, and the Primacy space had cubicles in place,” Jacobs notes. “Additionally, the location was desirable to ITKO executives.”
Brad Selner and Andy Leatherman of Jones Lang LaSalle represented ITKO in negotiations for the sublease space.
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