To support its growth and in-office team, LeadsOnline has doubled down on its office lease in Plano. The investigative tech company is expanding from 14,992 square feet to the entirety of the eighth floor at Legacy Town Center II.
Clay Vaughn and Jihane Boury of Savills represented the tenant in the new 27,000-square-foot deal. CBRE’s Alexandra Cullins represented the landlord in negotiations.
The deal took about four months to finalize, but Savills had been working with the tenant on its expansion for about a year. The company’s preference for staying in the building emerged early on in the process, Vaughn said.
“Frankly, it’s a tenant’s market right now,” he said. “There’s a lot of options for tenants. Landlords know that, and tenants see that, and they get excited a lot of times when they get out to see what’s available in the market. And our client got excited, but at the end of the day, the best solution was to stay put on their existing floor and expand.”
Vaughn credits transparency and collaboration as key factors in pushing the deal across the finish line. “It took a combination of very creative deal structuring as well as a great relationship with the landlord,” he said.
A flight to quality space and walkable amenities remain top of mind for tenants. “For a company like this, culture is everything,” Vaughn said. “They want their people in the office because they know they innovate better. They can mentor better and ultimately build the strongest culture possible if they’re working together in the office.”
The deal is also indicative of a flight to capital. According to the tenant rep team, companies want to be in a financially stable building where landlords can offer—and deliver—TI allowances and capital improvements. “The Legacy Business Park is a financially stable building that allows LeadsOnline the flexibility to plan for future expansion as the company continues to grow and evolve in the years ahead,” Boury said.
Story first published in D Magazine