Construction materials company Lehigh Hanson Inc. has consolidated its headquarters in Irving. The company now occupies 211,121 square feet at The Point at Las Colinas at 300 E. John Carpenter Fwy. The expansion adds more than 54,000 square feet to its previous lease.
Lehigh Hanson is part of HeidelbergCement Group, a Germany-based conglomerate that employs 52,500 people at 2,500 locations in more than 40 countries. The company had been housing a number of support functions at The Point at Las Colinas; this move consolidates its 500 local employees into one location.
Steve Thelen, Jeff Staubach, Russell Cosby, Vince Burt, and Torrey Littlejohn with Jones Lang LaSalle represented Lehigh Hanson in the deal. John Fancher of CBRE represented the landlord, CBRE Global Investors.
Thelen said in a statement that Las Colinas was the clear choice—and the timing was right. “It’s an ideal time in the market for tenants to consider a move or consolidation within this submarket,” he said.
According to a recent Jones Lang LaSalle Research report, Las Colinas is expected to show rate increases this year: “Leasing activity over the past couple of quarters has been high, and should result in improved fundamentals when the tenants take occupancy of their space. With the vacancy rate trending downward, rates are expected to rise moderately in 2013.”
Steve Triolet, research manager at JLL, said Las Colinas is a desirable submarket because it has an abundance of middle-class housing options available for the general workforce, and is close to Dallas/Fort Worth International Airport, for executives who frequently travel.