ALLEN, Texas – Norway-based Visitech Americas Inc. has signed an early renewal and expansion with a 10-year term for the Office Campus at Allen, where it plans to invest more than $1 million into tenant improvements of its only location in the U.S.
Visitech will occupy 19,431 sf or practically the entire first floor of Building 2 at 1301 Central Expressway South in Allen, expanding via two takedowns over two years. The tenant, marking its fourth year in the project, will immediately go from 9,228 sf to 17,701 sf and roll in the balance, which is presently occupied by another company, in the future.
"Visitech is investing heavily in the space and wanted to ensure it had room for future expansion in the Office Campus at Allen," says Jared Laake, first vice president of Bradford Commercial Real Estate Services. He represented the landlord, 1301 SCE LLC.
Visitech, which also has operations in Germany, China and Japan, is planning to incorporate a laboratory into the Office Campus at Allen, where it now houses repair and support services for a product line specializing in digital imaging lithography. Construction plans are in the permitting stage.
Negotiations went full circle within four months. Visitech was represented by the late Dene Allred of CMI Brokerage.
Visitech will be the largest tenant in the 96,096-sf Office Campus at Allen, a two-building project at the gateway to Allen's high-tech corridor. Developed in 2006, the freeway-fronting twin buildings are located close to an abundance of retail and restaurants, including Waters Creek Village, a 52-acre resort-style shopping and entertainment district.
"The Office Campus at Allen's landlord was instrumental in the tenant's decision to remain in the project," Laake says. "It's a solid ownership group with a reputation for taking care of its buildings and treating tenants well."