Piedmont Workplace Realty Belief has finalized a lease renewal for roughly 164,000 sq. ft of Class A workplace house on the 314,714-square-foot 750 W. John Carpenter Freeway in Irving, Texas. The tenant, a nationwide pharmaceutical retailer, agreed to occupy the house till 2028.
The 12-story property final traded in late 2016, when Piedmont Workplace Realty Belief paid $49.6 million for the LEED Gold licensed advanced beforehand often called CVS Well being Tower and Sterling Commerce, CommercialEdge knowledge reveals.
A better look
The renewal solved Piedmont’s largest lease expiration of the yr. Whereas the retailer was not named within the press launch, CVS Caremark was the one tenant on the Atlanta-based firm’s roster that had a lease expiration set for 2022, in accordance with the corporate’s fourth quarter report.
“So particularly with CVS, as we’ve famous earlier than, we’re nicely down a path and we really feel like that it’s possible that they’ll renew on a majority of the house,” Brent Smith, president & CEO of Piedmont Workplace Realty Belief, stated throughout the firm’s fourth quarter earnings name.
As of January, the workplace emptiness throughout the Dallas-Fort Value metro remained at 17.6 %, the identical stage because the prior month, in accordance with CommercialEdge. Whereas this determine marks a 90-basis-point year-over-year enchancment, it’s nicely above the nationwide common of 15.7 %.
750 W. John Carpenter Freeway
Inbuilt 1998, the workplace mid-rise property covers greater than 17 acres at 750 W. John Carpenter Freeway and options 26,000-square-foot floorplates, in addition to a parking ratio of 4.00 areas per 1,000 sq. ft. The advanced additionally features a convention middle, a health facility and tenant shuttle service, amongst different facilities.
The proprietor plans to improve the property with a redesigned foyer, a renovated tenant lounge, in addition to an expanded outdoors collaboration space.
750 W. John Carpenter Freeway is inside 4 miles of Interstate 35E and fewer than a mile from the Hidden Ridge DART station. Downtown Dallas is a few 14 miles southeast.
