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Jason McCann Of Vari Leases 35000 Square Feet To MUFG Bank At VariSpace Las Colinas

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LEASED

Texas

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Office35,000 SF
Leased 11/20/2024
the dealdetailscomps
Property Image
LEASED

Jason McCann Of Vari Leases 35000 Square Feet To MUFG Bank At VariSpace Las Colinas

901 West Walnut Hill Lane

See Similar Deals
Office35,000 SF
Leased 11/20/2024
the dealdetailscomps

Summary

TEXAS
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:35,000 SF
Transaction Type:Lease

The property involved in this transaction is an office asset located at 901 West Walnut Hill Lane in Irving, Texas. The total square footage of the asset is 35,000, and it is situated in a market that has seen various trends in leasing practices. The building is approximately 40 years old and is currently undergoing a $500,000 renovation that includes updates to offices and conference rooms.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 901 West Walnut Hill Lane
  • Market: Irving
  • Square Footage: 35,000
  • Landlord: Jason McCann - Vari
  • Tenant: Kevin Cronin - MUFG Bank

Jason McCann represents Vari, the landlord, while Kevin Cronin represents MUFG Bank, the tenant. MUFG Bank has renewed its lease at the property, diverging from the broader trend of seeking newer office spaces, indicating a strategic decision to remain at this established location. The renovations are expected to be completed by year-end, enhancing the working environment for the tenant.

Details

LEASED
IMAGE: Jason McCann & Kevin Cronin DATE: 11/20/2024 ADDRESS: 901 West Walnut Hill Lane MARKET: Irving ASSET TYPE: Office ~ SF: 35,000 LANDLORD: Jason McCann - Vari TENANT: Kevin Cronin - MUFG Bank NOTE: MUFG Bank renewed its 35,000-square-foot lease at VariSpace Las Colinas, a 40-year-old office building in Irving, Texas, diverging from the "flight-to-quality" trend favoring newer spaces. The space is undergoing a $500,000 renovation, including new offices and conference rooms, with completion expected by year-end.

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Total Lease Value

$20,061,788.80

Net Landlord Cash Flow$2,006,178.88