LAB RESULTS

CBRE repped NewCo in its new 172k SF lease in Convergence, just off SH 121 and Denton Tap Rd in Lewisville. CBRE is also handling project management; last week, we snapped assistant project manager Mike Dement, senior project manager Rodney Nanez, and managing director for Project Management Sean Goff at the work site. CBRE is doing extensive remodel work inside as well as the exteriors to create a more modern look for the tenant; it’ll house a full service clinical and molecular diagnostics laboratory. NewCo is a partnership between Baylor Health Care System, Pathologists Biomedical Laboratories, Texas Oncology, P.A., and US Oncology.  

For NewCo, CBRE is going into an existing building that requires infrastructure upgrades and specific requirements for the lab, which makes it different than a traditional finish out, Rodney says. In years past, once a lease was signed or a building sold, the brokerage part of the deal was done, Sean says. About 15 years ago, the demand for project management on the brokerage side came into being. CBRE’s 93 project managers make it the largest project management group for a real estate company in the region. CBRE is also working on the 652k SF Baylor Cancer Center in downtown Dallas.

By April, occupants will trade in the hard hats for lab coats as construction, which started in December, should be substantially completed, Rodney says. NewCo will have about 80k SF of labs, with office occupying the remainder. CBRE VP Nathan Lawrence repped NewCo and managing director Johnathan Sangster negotiated the economic incentives package. Away from the job site, Rodney likes to golf and travel, combining both in an upcoming trip to the Robert Trent Jones golf trail in Alabama. Mike can be found boating on Lake Lewisville.