In the last 45 days, Sunwest Real Estate Group has inked leases with seven new tenants at 1212 Corporate Drive. The 127,000-square-foot office property was vacant when it was acquired in December by 1212 Irving LLC, a partnership between Sunwest and an affiliate of California’s Libitzky Property Co. The new ownership group pledged to implement “an aggressive lease-up strategy,” and that’s what it has done, said Marc Grossfeld of Sunwest.
“The Las Colinas market has been extremely active since the beginning of the year, which has attributed to some of our success,” he said. “Though the biggest driver of our success has been our marketing strategy. The previous owner had been marketing the building to full-floor tenants and quoting rates in the $17- $19-per-square-foot range. We have focused our marketing efforts on small to midsize companies that need 2,000 to 30,000 square feet, and offering turnkey construction with Class A finishes at rental rates in the mid-teens.”
Here is more information on the leases, which total 26,000 square feet and take occupancy to 21 percent. Grossfeld represented the landlord in all transactions:
• Lauren Engineers & Constructors leased 12,111 square feet of office space. It was represented by Douglas Delsantor of Finley Morrow.
• The AidMatrix Foundation leased 3,124 square feet of office space.
• MNCL Inc. leased 2,600 square feet of office space. Sharon Friedberg of Bradford Cos. represented the tenant.
• Pioneer Technologies leased 2,560 square feet of office space. It also was represented by Friedberg.
• Data Agility leased 2,542 square feet of office space. Jonathan Hill of Finley Morrow represented the tenant.
• AFLAC leased 2,057 square feet of office space. It was represented by Drake Dominy of Swearingen Realty Group.
• ePace Technologies leased 1,838 square feet of office space. Friedberg of Bradford Cos. represented the tenant.
Built in 1980, 1212 Corporate Drive has been given “a complete renovation,” Grossfeld said. “We plan to ratchet up our rates as we hit occupancy goals; but for now, we haven’t lost out on many deals.”