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14131 Midway Rd, Addison, T...

Codina Partners Leases 26127 Square Feet At 14131 Midway Rd Addison With Grant Sumner As The Broker
LEASEDOffice

Codina Partners Leases 26127 Square Feet At 14131 Midway Rd Addison With Grant Sumner As The Broker

14131 Midway Rd, Addison, TX, 75001

Building Size

26,127 SF

Asset Type

Office

Closing

Feb 22, 2021

AI

Greenhill Towers, located at 14131 Midway Rd, Addison, TX, comprises 267,542 square feet and was built in 1986. The property has recently undergone an $8 million transformation and features amenities including Ascension Coffee and Cafe, a tenant conference center, a first-class fitness center, and a dry-cleaning service. The address falls within the Addison market and has been leased to ATW Corp for a total area of 26,127 square feet.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Address: 14131 Midway Rd, Addison, TX, 75001
  • Landlord: Codina Partners
  • Landlord's Representative: Grant Sumner (Forge Commercial)
  • Tenant: ATW Corp.
  • Size of Lease: 26,127 square feet
  • Building Features: Double air filtration system, health and safety features, close proximity to Dallas North Tollway and major developments.
  • Management Company: Crescent Property Services
  • Representing ATW: Dan Zeltser, Partner at WORK, a Shop Co.
  • Representing Codina Partners: Grant Sumner and Russell Podraza, Avison Young

Pramod Raju, chief financial officer at ATW, highlighted that the move to Greenhill Towers for their new headquarters was motivated by a need to enhance the employee experience through upgraded spaces, amenities, and location. The health and safety features of the building were also a significant consideration in their decision-making process.

Players

Grant Sumner

Forge Commercial

Broker

4 deals

Broker
CP
Codina PartnersLandlord

Addison Office Market Snapshot

Boundary boundary · Office · Lease transactions

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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