ARLINGTON, Texas – Bradford Commercial Real Estate Services has landed a new headquarters tenant and expanded another one to drive occupancy to 97% in the 87,411-sf Arlington Downs Tower in the city's Entertainment District.
Lundberg Enterprises LLC, acting on behalf of Praesidium Inc., has signed a long-term lease for 7,409 sf on the penthouse floor of the six-story office building at 2225 E. Randol Mill Rd. Praesidium's headquarters will expand by 1,600 sf when it relocates later in the first quarter from 624 Six Flags Dr.
Longtime tenant Harish Dand, a certified public accountant, has renewed and expanded on the third floor. The office has doubled in size to 1,182 sf.
Erik Blais, vice president of Dallas-based Bradford Commercial Real Estate Services, and Richmond Collinsworth, first vice president, represented the landlord, J&F Investments GP, in the direct deals.
The Praesidium lease went full circle in less than 30 days. "The landlord has made it a point to remain competitive in the market," Blais says. "We responded quickly with a plan that met both sides' needs to get this deal across the finish line. Building signage and room for future growth were icing on the cake.”
Arlington Downs Tower is readily accessible to Interstate 30 and TX 360, strategically situated midway between Dallas and Fort Worth. Amenities include an on-site property manager and maintenance crew, conference center, tenant lounge and a 5/1,000 parking ratio. With the new leases, the Bradford team has one vacancy –1,602 sf on the fifth floor.
"The corridor is experiencing renewed interest because of Texas Rangers' new ballpark and Texas Live!, which are right around the corner from Arlington Downs," Blais says.
The Texas Rangers and Baltimore-based Cordish Cos. are partnering on a $1.25 billion expansion of Arlington's Entertainment District, anchored by the team's new ballpark, Globe Life Field, and a $150 million, 300-room hotel by Loews. The stadium is expected to be open for the 2020 baseball season. Cordish's $250 million mixed-use development will feature 200,000 sf of restaurants, retail and entertainment venues, including a 5,000-seat outdoor event pavilion. The present-day Entertainment District also is home to AT&T Stadium, Six Flags over Texas, Hurricane Harbor, Arlington Convention Center and the Rangers' current stadium, Globe Life Park, which will be repurposed after the new one opens.
January 26, 2018