Met Life Shops Around, Stays Put in 21,331 SF

IRVING, TX-Dallas brokers, playing “Let’s Make a Deal,” finalize a 21,331-sf lease extension that represents a sublease tenant going to the role of direct leaseholder at the Gateway West II office building in Irving.

Metropolitan Life Insurance Co. had 1 1/2 years to go on its lease when it started scouring the opportunities now available in the Las Colinas submarket, Jim Lob of Grubb & Ellis Co. in Dallas tells GlobeSt.com. The lease’s expiration was just a part of the motivation to shop around. The soft office market was the primary factor for Lob and Grubb & Ellis’ Brian Cheek to hit the streets on their client’s behalf. “It was a good market deal,” Lob says, keeping most terms to himself. He did say it was a five-year contract with “flexibility.” Tony Click of the Trammell Crow Co.’s Dallas office represented Invesco Realty Advisors at the bargaining table.

Metropolitan Life has been a tenant in the Las Colinas business center corridor for several years. The 2901 Gateway Dr. building is situated close to Texas 161, a primary feeder to the surrounding interstate network.