DALLAS – TECO Metal Products re-ups a 90,364-sf, full-building lease in Northgate Business Park, making a 10-year renewal to keep its headquarters and manufacturing facility in northeast Dallas.
TECO’s base of operations is located at 11477 Pagemill Rd., a freestanding structure on five acres just off Interstate 635. The renewal was secured in a four-month round of talks, with the company locking in terms well in advance of the former lease’s expiration.
“TECO needed to get a head start on the renewal because there are not many options that can accommodate its needs in this submarket,” says Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, who represented the landlord, 11477 Pagemill Road Owner LLC.
The class B office/warehouse’s amenities include heavy power and at least one-acre of fenced outside storage. TECO, marking its 26th year in business, designs and manufactures specialty products for commercial roofs and HVAC projects. Shannon Johnston and Lance Woodward of SRS Industrial Partners LLC served as tenant representative.
Renewals are dominating leasing activity in the market. In addition to TECO, Bradford’s brokerage teams have retained four other tenants in recent weeks for their landlords.
“Tenants are experiencing sticker shock when they see today’s market rents versus their existing rate,” Pafford says. “As a result, we’re seeing a lot of renewals getting done right now.”