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
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