CORFAC News

Greensboro, NC (July 8, 2013) – Hagan Properties/CORFAC International announced the lease of a 45,000-square-foot office space in the Piedmont Triad suburb of High Point.  David Hagan, SIOR, CCIM and Joe Stanley, CCIM represented the building owner, Dallas, TX-based PNL Properties in the lease to Herndon-VA based LGS Innovations, an independent subsidiary of Alcatel-Lucent.

LGS will be the only occupant of the 54,356-square-foot facility located at 4090 Premier Drive in High Point and the building will allow LGS to grow, according to Stanley. They will move nearly 110 employees from nearby McLeansville and add approximately 25 percent more employees as needed.

LGS is currently renovating parts of the building, previously occupied by Ciba Specialty Chemicals.  LGS is converting some lab space to office space and updating mechanical and electrical systems in the building. The company plans to take occupancy in August.

LGS has been in its McLeansville space for 30 years and considered leaving the region. A joint retention effort by the Greensboro Economic Development Alliance and the High Point Economic Development Corp. helped convince the company to stay in Guilford County, according to The Business Journal serving the Greater Triad Area.

“This is a big lease for our market and valued at more than $5 million. Fortunately, we were able to retain a major tenant in the region,” said David Hagan.

Ciba Specialty Chemicals formerly occupied two buildings totaling approximately 110,000 square feet in High Point and left the region in 2010, shortly after its April 2009 acquisition by BASF, based in Basel, Switzerland. Subsequent to the LGS lease, about 15,000 square feet from the former Ciba campus remains available.

Greensboro is the third largest city in North Carolina (2011 pop. 273,425) and the largest city in Guilford County and the surrounding Piedmont Triad metropolitan area. 

About Hagan Properties/CORFAC International
Hagan Properties Inc./CORFAC International specializes in office, industrial and retail leasing, land and income property sales serving the Greensboro, Winston-Salem and High Point markets of North Carolina. Founded in 1989, the company represents tenants, property owners, investors and sellers throughout the region. Hagan Properties/CORFAC International serves corporate clients nationally and internationally through its affiliations with CORFAC International and the Society of Industrial and Office Realtors (SIOR). For more information call 336.282.5553 or visit www.HaganProperties.com.

About CORFAC International
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services.  In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged over 9600 completed transactions annually totaling more than 513 million square feet worth an excess of $5.95 billion for their customers. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.