Tuesday, June 16, 2009

General Datatech Buys 70,000 SF For HQ

DALLAS-General Datatech LP has ended a close to two-year search for new headquarters with its acquisition of 999 Metro Media Place. When the computer networking company moves into its new 69,552-square-foot office flex digs by year end, it will have effectively tripled the space it leases now.

“They were always looking for a good building to purchase, so leasing wasn’t an option,” explains David Cooke, vice president with Stream Realty Partners LP’s Dallas office, who represented General Datatech. “This building came along at the right time.” He tells GlobeSt.com that General Datatech’s headquarters at 3160 Commonwealth Dr. measures approximately 20,000 square feet.

Senior vice president Gregory S. Cannon and vice president Ward Richmond with Transwestern’s Dallas office represented seller Metromedia Investments LLC of California. Cannon says the building in the Brookhollow area just northwest of the CBD attracted a great deal of interest both on the sales and leasing end. He tells GlobeSt.com that the seller received four bonafide offers. “We even had someone call during escrow, to see if this had closed, because that person was interested in the building as well,” Cannon comments.

General Datatech ended up with the facility because of its ability to close. “Financing was not an issue,” Cannon remarks. “The buyer had no problem getting the money to close.”

Cannon points out that the building, constructed in 1959, had a lot of great selling points, including interior office finish, location in the high-demand Brookhollow market and the fact the facility is on more than five acres. The extra acreage provides opportunities for more development and a lot of parking, he adds.

999 Metro Media place began life as a home for Foremost Dairy. Over the years, the facility was renovated to house an advertising agency, and later on, a technology services company.
By Amy Wolff Sorter with Globest.com