Cushman & Wakefield Lease-Sell Strategy Nets $3.7 Mil for 999 Metromedia Place

DALLAS-A 69,552-sf, seven-year lease has helped precipitate the $3.7-million sale of 999 Metromedia Place, an award-winning, high-tech redevelopment in Dallas’ Brookhollow area.

“Our biggest challenge of this lease was to find one user with high-tech needs that could use almost 70,000 sf of space,” says Daryl Mullin, a director in the Downtown Dallas office of Cushman & Wakefield of Texas Inc. The new tenants are SkyTV and its SeeItWork.com subsidiary, represented by Swearingen Realty Group, and the new owner is a group of private investors, which had Kennedy-Wilson acted on their behalf.

“As the leasing negotiations entered the ‘very serious’ phase, we began marketing the building to investors with an entrepreneurial vision for properties focused on meeting the needs of high-creative, high-technology tenants,” says Mullin, who led the Cushman & Wakefield team’s efforts.

The property had been redeveloped in 1995 by owners Mike Meyer and Bill Johnson, who had walked away that year with architectural awards for the adaptive reuse undertaking. The duo had originally developed the 1959 structure for the Meyer&Johnson ad agency.

The conversion into an open-space environment is best suited for multi-media use. The structure now boasts a studio sound stage for producing commercials, 84-seat auditorium, two full kitchens and half-court basketball court.

SeeItWork.com, a division of SkyTV, is a provider of digital media solutions for Web sites. The 60-employee firm offers a full roster of digital media services and applications for end-to-end solutions. SkyTV, a Dallas-based privately held corporation, specializes in television and in-flight programming and creation of digital video content for Internet video streaming.