Technology research firm Gartner Inc. (NYSE: IT) has signed a long-term lease for the entirety of an office building in Irving, signaling a growing demand for space in the city.
Stamford, Connecticut-based Gartner signed a lease through 2034 for the six-story, 152,086-square-foot office building at 6011 Connection Drive. Further terms of the deal were undisclosed.
The transaction is reflective of a much bigger trend in the Las Colinas office market, said Randy Cooper, vice chairman of Cushman & Wakefield's Dallas office.
"We’re seeing a continued increase in interest the Las Colinas office market due to tremendous investments in road and light-rail, which makes commuting easier, and the explosive growth in multifamily and entertainment development," said Cooper, who worked on the deal with a Cushman & Wakefield team.
"Las Colinas was amenity-starved for years, but that’s all changing with The Music Factory, Water Street and other new projects," he added.
Cooper, Andy May, Matt Heidelbaugh and Amber Roberts represented Gartner in the real estate deal.
The property's landlord, Piedmont Office Realty Trust Inc. (NYSE: PDM), was pleased to add the industry-leading company to its roster of tenants, said Joe Pangburn, executive vice president for the real estate investment trust.
"Completing a new lease of this size speaks to the quality and attributes of our property, as well as the demand for the amenity-rich Las Colinas submarket," he added.
Joel Pustmueller and Sarah Hinkley of Dallas-based Peloton Commercial Real Estate, along with Pangburn and Damian Miller of Piedmont, represented the landlord in the real estate deal.
Presented by Dallas Business Journal, November 17, 2017