A Fresh Take on CRE

Dallas Deal Highlight: Dealertrack Continues Expansion at Galleria North

From time to time, we like to highlight a recent deal from the CompStak database that we find interesting. We hope you will find the information helpful.

   
13737 Noel Road in Dallas

Dealertrack Continues Expansion at Galleria North

Only a couple of weeks ago, it was announced that Dealertrack Technologies will buy Dealer.com. Dealertrack's acquisition of Dealer.com was not the only expansion that the company has completed recently. Early in 2012, the software provider for the auto industry relocated to Galleria North at 13737 Noel Road in Dallas. The company took 59,152 SF of space on part of the second floor and the entire third and fourth floors, for which they agreed to pay starting rent just below $20 PSF. The relocation was followed up later that year by an expansion of 49,814 SF on the entire fifth and sixth floor. A couple of months ago, Dealertrack expanded yet again, this time taking over the seventh floor of the building. This recent 24,907 SF expansion set Dealertrack's presence at the class A office tower at 133,873 SF. The rent Dealertrack is paying for its space varies by floor, and is around $20 PSF. This is in line with other leases in the building, such as CRC Insurance, which recently signed a lease for 24,907 SF on the 10th floor with starting rent in the low-$20s.