Lockton Renews Lease with Highwoods
- Feb 03, 2012
Lockton Inc. is renewing the lease with the Raleigh-based Highwoods Properties for the Country Club Plaza Valencia Place in Kansas City. The renewal will extend the company’s commitment until February 2030.
Lockton Inc. is leasing about 170,000 square feet of office space. It has also expanded the offices by 10,000 square feet. The Highwoods-owned Valencia Place Office Tower is a 10-story Class A office building built in 2000.
“We are pleased Lockton has chosen to significantly extend its relationship with Highwoods at the Country Club Plaza. We value our relationship with Lockton and their distinguished management team and look forward to serving them for many years to come,’ said Ed Fritsch, president and CEO of Highwoods.
Discussions regarding Lockton’s possible move started about two years ago. Mark Henderson, executive vice president of Lockton’s property casualty operations, commented that as a consequence of expanding and renewing the lease, Lockton might seek Missouri incentives.
To date, state incentives have not been determined, but the company will probably pursue Missouri’s Quality Jobs Program, Development Tax Credit Program and a Job Retention Training Program.
In other news, the Alamo Group acquired a $17 million portfolio that includes the leaseholds of 14 assets spread across 11 states. According to the CityBizList, the transaction was brokered by National Retail Investment Group, CBRE’s Boston-branch, in collaboration with NRIG West. One of the properties included in the portfolio is the 128 Kilmayne Drive in Cary, currently subleased to Big Lots.