Office Trio Closes Off 15,274 SF

RICHARDSON, TX-Two new names have gone onto building directories as a third tenant makes the call to re-up and expand to close off a combined 15,724 sf of office space. The leases all have five-year terms.

The largest deal, 8,475 sf of flex space, was signed by JF Limited Inc. of Dallas, an eight-year tenant that renewed and added 3,400 sf at 3712 Arapaho Rd. in the Addison Business Park. It was fairly close to a market-type rate,” Michael Carmichael of Kennedy Wilson International’s Dallas office, says of a tenant nearing the end of a six-month extension when the deal closed. JF Limited, which sells and distributes promotional merchandise, was represented by Carmichael with the Boston-based UBS Realty Investors LLC relying on Eric Rutledge of Cushman & Wakefield of Texas Inc. to broker its terms. The flex space is on the market for $9 per sf to $11 per sf gross.

Paxunited, a nonprofit organization, took 4,387 sf of ready-to-go, class B office space at 508 Twilight Trail in Richardson, getting all of the excess space brought to market by owner Rawlins Construction Inc. at its 35,000-sf headquarters office building. The firm got two months of free rent in a stair-stepped lease with bumps in the last two years, Phil Rosenfield, associate with the Morse Co. in Dallas, tells GlobeSt.com.

Rawlins had the office space on the market for $10 per sf plus electric. “That’s what we got, not for all five years but close to that for five years,” Rosenfield says.

The nonprofit upgraded in a relocation from Collins Boulevard in Richardson and nearly doubled the operating space–and “ended up paying less,” says Rosenfield, who teamed with Scott M. Jessen of the Morse Co. to broker a direct pact with Rawlins. Paxunited, formerly PeaceMakers Unlimited Inc., focuses on providing comprehensive violence-reduction programs to schools, parents and community-based organizations.

Also in Richardson, Simcrest Inc. took 2,937 sf of class B space in Two Mission Park at 1202 Richardson Dr. Steven Schneider with Grubb & Ellis Co. in Dallas says the software company’s lease had expired and the executive team “was ready for a change” in its plan to exit 12222 Merit Dr. in Dallas. After surveying Richardson and Plano, the decision swung to as-is space with a quoted rent of $15 per sf. The Washington, DC-based CarrAmerica Realty LP had in-house broker, Geoff Meyer, negotiate the deal for the 77,724-sf, multi-tenant building.