National Asset Services Closes Lease Renewal Deal with Pharmaceutical Development Company for 224,979 Square Foot Medical Office Lease
Austin, Texas— National Asset Services, one of the Country’s leading commercial real estate asset management companies, has finalized a lease renewal agreement with Pharmaceutical Product Development for a 224,979 square-foot space at MetCenter 10 in Austin, Texas. National Asset Services successfully represented the 29 Co-Owner Tenants in Common in the negotiations that resulted in a multiyear lease renewal for the space, which comprises about 65% of the total MetCenter 10 building area.
“This successful transaction reinforces National Asset Services’ reputation as having expertise in tenant retention, while reaffirming our ability to successfully negotiate a lease that brings a tremendous amount of additional present and future value to the property and ultimately to our clients,” commented Shirlee J. Kingsley, CPM®, Vice President of National Asset Services, who lead the negotiations. “This lease renewal ensures stable long term cash flow that allowed the ownership to extinguish 100% of the existing debt by securing a new loan with more competitive terms while avoiding a maturity default of the existing loan.”
The Wilmington, N.C.-based PPD (NASDAQ: PPDI) was recently selected as one of the most innovative organizations using information technology to create business value by CIO magazine’s 27th annual CIO 100 Awards. The company, which will use the medical office space as a 300-bed drug trial facility, is a leading global contract research organization providing drug discovery, development, lifecycle management and laboratory services and products for pharmaceutical, biotechnology and medical device companies.
The leased space is part of a larger 345,600-square foot (2) story building that was constructed in 2000 as part of the 550 acre mixed use MetCenter Business Park campus, located on State Highway 71 just west of Austin-Bergstrom International Airport. The MetCenter 10 building features state-of-the-art communications technology, back-up generation, access to the Business Park’s 2 on-site 400 Mega Watt electric sub-stations, fiber optics, 5 national hotels and hike and bike trails. The building also features dock level loading, a 13.5-foot clear height and 40-foot by 45-foot column spacing.