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GIS Data Center Sparks Expansion
January 25, 2008
GIS Data Center Sparks 22,558-SF Expansion
GlobeSt.com Commercial Real Estate News and Property Resource
By Connie Gore
DALLAS-With six years left on its term, General Information Services Inc. has reworked its 24,875-sf lease to add 22,558 sf of class A office space and push the expiration through 2021. The six-year tenant gets keys to the extra space June 1.
The GIS decision will create a 24/7 data center on the third floor of Banner Place North at 12770 Coit Rd. in North Dallas. "They are investing a lot of money into their data area to duplicate what they have in their headquarters office in Chapin, SC," says Michael J. Haase of Dallas-based Gaedeke Group.
Haase says GIS extensively shopped the market before settling down four months ago to negotiate the expansion deal with him and Gaedeke's Belinda Dabliz, who lease the building for Gaedeke Holdings II Ltd. "They're making an upfront investment to make this deal work for them," he says. He tells GlobeSt.com that GIS is kicking in $25 per sf to the owner's $20 per sf to $25 per sf tenant improvement allowance.
Haase says GIS is retooling an outdated data center that once housed Argo Data Systems Inc. With the new deal, GIS now occupies the 11th floor, part of the 10th and all of the third in the 12-story building, where the quoted rate is $19.50 per sf to $21 per sf, full service.
Due to the GIS expansion, occupancy is 87% in the 280,432-sf Banner Place North and its three-story sister at 12660 Coit Rd., according to Haase. Chuck Green, owner of a namesake independent company in Dallas, represented GIS.
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