Project: 1600 Redbud Blvd (also known as Independent Bank) in McKinney, TX was built in 1985 and renovated back in 2009. With a total of 64,000 SF, the first, second, and third floors have all been occupied by Independent Bank. The fourth floor, totaling 12,503 SF, was vacant.
Process: Worldwide Commercial (“WWC”) was hired to attract a full floor tenant and fill the vacancy. WWC immediately developed a marketing plan targeting local businesses with expiring leases with 1,000’s of phone calls, utilizing technology including multiple eblasts to reach a worldwide audience and meeting with local Chambers of Commerce and Economic Development Groups to make them aware of the availability. Through this process, we found Global Integrity Finance, a local mortgage firm in McKinney, was looking to expand and grow their business. Their target floor plan layout was to find an entire floor containing an executive office setup with open space for cubicles, both private and common areas, multiple restrooms, and conference rooms for training and meeting purposes. With a target commencement date of 01/01/2022, their ideal location was to stay within the parameters of McKinney. WWC quickly arranged a tour for the GIF staff and decisions makers and then started negotiating a full floor lease. During a time when the market was recovering from Covid and the leasing activities in that pocket of McKinney were very limited, we secured the lease and filled the vacancy.
Results: We leased the entire 4th floor (total of 12,503 SF) for a 5-year term with 30 days to occupy the space. This deal brought the property occupancy rate to 100% and improved the property NOI. WWC was able to rent the space year one and year two at $15/SF/Y, followed by an increase to $17/SF/Y for years three, four, and five.