Dallas Software Retailer Relocates Headquarters

Despite a slowing office leasing market in the Dallas-Fort Worth Metroplex, a Dallas-area based smartphone software retailer signed a seven-year lease of about 50,000 square feet in the master planned commerce center of Las Colinas in the Dallas suburb of Irving. Handango, an online retailer of smartphone software, signed the long term lease of 48,660 square feet in Corporate Point at Las Colinas (pictured) after leasing 11,800 square feet about nine months ago. The move coincides with Handango’s decision to move its corporate headquarters from the mid-cities area of Hurst to Corporate Point. Since acquiring the 10-story, 223,500-square-foot office building in foreclosure, Equastone has invested $3.3 million to upgrade the appearance and mechanical systems. Handango joins Health Management Systems and Ricoh as prominent tenants to lease at Corporate Point since the completion of the capital improvement program. Corporate Point is situated in Las Colinas, a master planned area of commerce inside the city of Irving, which is located in the center of the Dallas/Fort Worth Metroplex.The Dallas/Fort Worth office leasing market slowed during the second quarter of 2008 with 153,000 square feet of net absorption, which was evenly distributed across both the Class A and Class B sector, according to Grubb & Ellis Co. information. David Walters and Alan Wood of The Staubach Co.represented the tenant. Kurt Cherry and Dana Rexford from PM Realty Group represented Equastone in the deal. San Diego-based Equastone is one of the largest commercial office owners in the Dallas/Fort Worth Metroplex with 19 office properties totaling nearly 4.3 million square feet. Equastone is a real estate investment firm specializing in the acquisition and asset management of opportunistic and value-added real estate. The firm currently owns 61 office buildings encompassing more than 9.3 million square feet of property and intends to acquire opportunistic real estate deals throughout the United States.