Diversified Capital Signs Medical Group at Dallas Office Building

By admin • February 1, 2010

LAKEWOOD, N.J., Oct. 22, 2009 – Diversified Capital, Inc. has signed Digestive Health Management (DHM) to a long-term lease for 12,000 square feet at its 7610 Stemmons Freeway building in Dallas, Texas. The seven-year lease marks a relocation within the Stemmons submarket and an increase in space for DHM, and accounts for two-thirds of the third floor at the six-story, 128,000-square-foot corporate office building.

“Digestive Health Management initially approached us to lease space at Diversified Capital’s 1111 W. Mockingbird building, but decided that the space at 7610 Stemmons better suited their needs,” said Bruce Stern, principal of Red River Asset Management, the owner’s representative for the building. “They had a particular need for raised-floor data center space and 7610 Stemmons was already built-out for that.

“It’s part of Diversified Capital’s philosophy to be pro-active and ensure a location works best for the tenant,” Stern said. “In addition to the space meeting their requirements, we fine-tuned a lease that met their financial needs, including a period of free rent and a moving allowance. We were able to make their move as seamless as possible.”

The transaction also involved close cooperation between the leasing teams for 1111 West Mockingbird and 7610 Stemmons Freeway. “Everyone worked together in a tight timeframe,” Stern said.

Digestive Health Management was represented by Trae Anderson, managing partner of Dominus Commercial, who also represents 1111 West Mockingbird. The 7610 Stemmons building was represented by Sharon Friedberg, vice president of office marketing, and associate Andy Harder of Bradford Commercial Real Estate Services. Approximately 30,000 square feet remains available at 7610 Stemmons, and Diversified Capital will create “ready suites” in a portion of the space to accommodate a variety of needs. The suites will offer potential tenants spaces already built out to their requirements.

Also known as Brookhollow Place, 7610 Stemmons Freeway recently underwent a lobby renovation and has class A finishes throughout. Features include 21,000-square-foot floorplates, 24/7 manned security, and a full-service fitness center. Located at I-35E and State Highway 183 in the Stemmons submarket, the building has freeway visibility and access, as well as direct DART access.

The DHM transaction follows the recent lease by Parkland Health & Hospital System of 67,000 square feet at Diversified Capital’s 8435 Stemmons, an 11-story, 229,695-square-foot class A building being repositioned as a multi-tenant use after 15 years of single tenancy. The four-floor occupancy marks the second tenant signing at 8435 Stemmons, driving the asset’s occupancy to 45 percent.

Diversified Capital owns and manages a comprehensive portfolio of commercial and residential properties in New Jersey, Pennsylvania, Virginia, Connecticut and Texas. Founded in 1999 by president Joseph I. Rosenbaum, the firm specializes in acquiring and turning around properties, repositioning these acquisitions as stabilized, income-producing assets within its long-term portfolio.

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About Diversified Capital, Inc.