Biotech company PathGroup has inked a 126,596-square-foot lease at 121 Corporate Center, a Class B office building in Coppell, Texas. Newmark represented the landlord, Cabot and Link Logistics Real Estate on behalf of Blackstone in the lease negotiation, while Cushman & Wakefield acted on behalf of the Nashville-based tenant.
PathGroup provides anatomic, clinical and molecular pathology services, and will occupy the full building at 1111 Northpoint Drive. The office and lab space will be home to the company’s first site in the Metroplex and its third location in Texas.
The 1998-built 121 Corporate Center features a parking ratio of 7 spaces per 1,000 square feet and major street exposure to South Royal Lane. The office building is within walking distance of the 66-acre Coppell Nature Park, less than 4 miles from Dallas-Fort Worth International Airport and roughly 23 miles northwest from downtown Dallas.
Mixed-use office properties that also feature a medical or life sciences component continue to be in high demand in the Metroplex, Newmark Executive Managing Director Nathan Durham mentioned in a prepared statement. According to CommercialEdge data, Dallas-Fort Worth’s office market continued its slow and steady recovery in November. The average vacancy rate was 17.6 percent, marking a 70-basis-point year-over-year drop.