GRAND PRAIRIE, Texas – Driving its total to 24,830 sf, Teledrift Inc. has renewed, extended and expanded its lease for its base of operations in the Great Southwest Industrial District.
The Oklahoma City-based company, a supplier for the oil and gas industry, has signed an early renewal for 10,346 sf at 1515 Avenue S and leased an additional 14,484 sf at 1555 Avenue S, both in Grand Prairie, Texas. The new long-term leases run co-terminus.
"It made the most sense to expand with the existing landlord because there was a lot of term left on the lease at 1515 Avenue S," says Michael W. Spain, senior vice president and managing
partner of Dallas-based Bradford Commercial Real Estate Services. He and Jim Ferris, a vice president at Bradford, represent the landlord, DCT-TX 2004 RN Portfolio LP.
Teledrift's new deals have slashed vacancy to 4,800 sf in the 126,307-sf Westfork Business Center, a three-building industrial flex project with a historically high occupancy and easy access to Texas 161 and 360 and Interstate 30.
Negotiations began in late summer, shortly after the possibility surfaced for Teledrift's expansion within the project. Matt Trozzo and Hugh Herman in the Houston office of Cushman & Wakefield of Texas Inc. represented the tenant.
"Teledrift did look at some options, but the location definitely helped our cause in keeping them," Spain adds.
January 5, 2015