Global real estate services firm Newmark Grubb Knight Frank has secured an early restructure and long-term lease extension on 15,762 square feet occupied by the Terminix International Company as its regional contact center in Norcross, Ga.
Aaron Sommer, managing director, represented Terminix in the transaction, which he said reduced rental costs by 20 percent for the client. The favorable terms of the deal also provided capital for refurbishing of the entrance and lobby of the Terminix office at 3790 Data Drive in Spalding Triangle Office Park.
Terminix, the anchor tenant at the address, is a part of the ServiceMaster family of companies.
“With a vacancy rate in the high teens for similar product in this submarket, we were able to negotiate better terms for Terminix,” said Sommer. “By restructuring the lease more than a year early, the tenant obtained options for long-term growth and flexibility in the building.”
The landlord, CEP-Triangle Partners, which is an investor group based in Atlanta, was represented by M3 Millennium Companies. David Jones was the lead agent for the transaction.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark, the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services, and BGC’s financial strength, proprietary technology and unrivalled relationships with the world’s leading financial institutions and other outstanding businesses.
Newmark Grubb Knight Frank and its London-based partner Knight Frank together operate from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.