Ally Financial Renews Full-Building Suburban Dallas Lease
- Dec 15, 2020
City Office REIT has signed a 10-year lease renewal at Lake Vista Pointe, the company’s 163,336-square-foot office property in Lewisville, Texas. According to CommercialEdge, the tenant is Ally Financial.
The tenant occupies 100 percent of the building. The renewal agreement provides Ally with the option to buy the asset prior to mid-2022. The lease also includes three months of rent abatement and additional tenant improvement allowances.
Built in 2007, the property at 2911 Lake Vista Drive features 80,000-square-foot floorplates and a two-story lobby. City Office acquired the asset from Holt Lunsford Commercial for $28.4 million in 2014.
Located on 14 acres, the Class A asset is within 1 mile of Interstate 35. The surrounding area has several retail options, including the 1 million-square-foot Music City Mall, which is 2 miles from the asset. DFW International Airport is 10 miles southwest of the office property.
Earlier this year, Ally Financial signed an agreement with Crescent Communities to occupy nearly all of Ally Charlotte Center, a 26-story office and retail development underway in Uptown Charlotte, N.C. The project is slated to deliver in 2021.