13,126 SF
Fibergrate was founded nearly 60 years ago in Dallas and has grown to be a leader in multiple industries globally with a presence in 11 countries and products used in more than 75 countries on all seven continents. In today’s competitive labor market, Fibergrate was in search of easier access to the growing North Texas professional population in a central location. The goal: find a site that makes it easy to hire and retain top talent. On the wish list was a campus-like environment for its new world headquarters that could grow as the company continues to expand.
Fibergrate leadership wanted to be in a Class AA location but had more than two years remaining on its existing lease to consider. As a subsidiary of a public company, Fibergrate couldn’t sign a new lease without fully getting out of its existing lease obligation. That meant the timing for a new building was critical as additional expenses (such as doubling the rental amount) had to be addressed.
Citadel Partners spent well over nine months searching for the right space for Fibergrate to meet its needs of a campus environment, amenity-rich surroundings, easy access to transportation routes and a vibrant community and business ecosystem.
Citadel Partners toured Fibergrate through more than 10 buildings but paying rent for two properties didn’t make good financial sense for Fibergrate. That’s where Citadel Partners leveraged its market knowledge and relationships to find economic incentives for its client.
Working closely in a team effort with JaRyCo Development (owner of The Farm in Allen) and the Allen Economic Development Corporation, Citadel Partners secured a large EDC package from the city and negotiated almost a year of free rent while also attaining top-of-building signage for Fibergrate.
As part of the rental discussions at The Farm, the Citadel team negotiated a deal that allowed Fibergrate a ramp-up period for the new/higher rental structure. This was all possible by maximizing Citadel’s market knowledge and existing relationships in the municipal and brokerage community to deliver a fantastic deal to a high-credit client.
Additionally, the vibrant community and growing business ecosystem in Allen provide excellent opportunities for collaboration and networking. Fibergrate will move into a brand-new building featuring modern amenities and flexible workspace options to align with their team’s culture and needs.
Fibergrate is projecting significant growth over the next few years with plans to expand both its team and client base. With this new location in Allen and the room to grow, the company can scale more efficiently and attract skilled professionals.
Fibergrate will move into its new space in Q1’2025 with enough incentives to move into its newly leased space without contingent liability from its existing lease. The Farm at Allen, at 1234 Johnson Road in Allen (about 20 miles north of Dallas on I-75), is 103,413 square feet of brand-new construction with an opening in the first quarter of 2025. Fibergrate will have top-of-the-building signage and occupy 13,126 square feet upon move-in and serve as the first tenant signed for the new project. Fibergrate will be moving from its Dallas office along Belt Line Road.
Mac Morse and the Citadel team played a pivotal role in negotiating favorable lease terms and securing Economic Development Corporation (EDC) incentives. Mac’s expertise in the local market and his understanding of incentive programs ensured we were able to optimize our leasing strategy while taking advantage of available financial incentives. His strategic counsel was essential in making the process more efficient and cost-effective. Citadel’s ability to assess potential locations, predict market trends, and guide us through legal and financial negotiations provided us with a competitive edge. Without their guidance, we quite possibly could have missed out on this opportunity entirely. Add to that the critical piece of the puzzle: the team’s comprehensive market knowledge. Mac not only understood the current real estate landscape but also had insights into future market conditions, which allowed us to make informed decisions. His familiarity with key stakeholders and incentive programs was invaluable in securing the best possible lease terms and financial benefits. His market knowledge turned what could have been a risky move into a well-calculated decision that set us up for long-term success at one of our legacy locations.
