GRAND PRAIRIE, TX-WGI Innovations Ltd. has extended its lease for 231,034 square feet of office and industrial space at 602 Fountain Parkway in the Great Southwest submarket. With the extension, the 300,000-square-foot building, which is owned by Westmount Realty Capital LLC, remains fully occupied.
WGI Innovations, which operates an import-export business, has been a tenant in the building since 2007, according to Stephen Kanoff, executive vice president and partner of Westmount Realty Capital. The company’s current lease was scheduled to expire later this year, and the extension adds a couple of years to it, he explains.
Kanoff tells GlobeSt.com that WGI Innovations evaluated the market for other options, but Westmount was able to persuade the company to stay put after negotiating with it for six months or so. “I always say that the best lease is one where you can retain a tenant, so we made some compromises,” he notes.
As part of the extension deal, Westmount has provided WGI Innovations with a tenant improvement allowance to build additional office space, as well as update the existing 10,000-square-foot office. The firm will also replace the HVAC system, Kanoff says.
“This is a soft market, and we understand that there’s clearly been an erosion of rents and an increase in vacancies – that’s another reason we stretched,” Kanoff explains. “Tenants of this size do not grow on trees and come around every day. And it would be less than ideal to subdivide the space WGI occupies.”
David Dunn of Dunn Commercial LP represented WCI Innovations in the transaction.
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