Flexport Leases 50,000 SF Office Space At Galleria Towers In Dallas
13355 Noel Rd Dallas, TX 75240, USA
Building Size
50,000 SF
Asset Type
Office
Closing
Jun 27, 2023
About this deal
AI
Piedmont Office Realty Trust has leased 50,000 square feet of office space to Flexport in the Galleria Towers located at 13355 Noel Road in Dallas. The office space will be occupied by Flexport, a logistics firm led by former Amazon executive Dave Clark.
Summary of transaction details
- Property Type: Office
- Transaction Amount: N/A
- Square Footage: 50,000
- Address: 13355 Noel Road, Dallas
- Market: Dallas
This lease deal highlights Flexport's expansion plans and their decision to secure office space in Dallas amid the city's high office vacancy rates. The Galleria Towers provides the company with a suitable location for their operations in the city.
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93