DFW International Airport and Trammell Crow Company Double Size of International Commerce Park
Airport continues to expand capacity for international business; More than $1.5 million in new annual non-aviation income
DFW INTERNATIONAL AIRPORT, Texas (April 6, 2006) – International Commerce Park will double in size as Trammell Crow Company and DFW International Airport partner to develop almost 2 million square feet of industrial space in International Commerce Park. The DFW International Airport Board voted today to approve the development, a move which will generate more than $1.5 million in new non-aviation income for DFW every year.
“This is terrific news for the North Texas economy and for DFW,” said John Terrell, vice president of commercial development at DFW. “Trammell Crow is a visionary in this business and understands the importance of international trade to our region. New developments mean new jobs, added business opportunity for our community and greater marketability to cargo carriers that desire a central U.S. market for expansion. And the more non-aviation income we can generate, the more we lower the cost for airlines, making our airport even more attractive to new and expanded air service.”
The award winning development team of DFW, Trammell Crow, and Kennedy Associates recently completed Trade Center I, which included 630,000 square feet of warehouse space, leased to Amazon.com for their southwest regional distribution center.
"Trammell Crow Company is excited about the opportunity to continue its strong industrial development tract record in partnership with DFW International Airport,” said Denton Walker, senior managing director of Trammell Crow Company. “We are also very pleased to team with Kennedy Associates as our financial partner on this development. We view this industrial development as an opportunity to make a positive difference in the long term success of DFW International Airport. We are honored to work with the DFW Airport team."
The first contract will lease 31.2 acres of land capable of holding a building of up to 554,000 square feet. The second contract will include 15.95 acres of land capable of housing a building of up to 237,300 square feet. The third contract will lease 16.65 acres of land capable of housing a building of up to 273,000 square feet. After the first year of the third contract, Trammell Crow can opt to lease an additional 27.15 acres of land and build an additional 472,500 square foot building.
“Trammell Crow has been an outstanding partner and will help DFW continue to grow in both cargo infrastructure and warehouse and distribution facilities,” said Jeff Fegan, CEO of DFW. “The Airport community and our region is fortunate to have such a great business investor based right here in North Texas.”
The contracts signed today will complement a fourth lease signed by the Airport in August 2005 for $210,231 annually to DFW on 14.85 acres. The building will measure approximately 200,000 square feet.
Altogether, the four leases will total just over $1.5 million in annual revenue to the Airport.
“DFW is a great partner in the development of good business opportunities,” said Scott Krikorian, managing director of Trammell Crow. “We have just completed the development of a 400,000 International Cargo Centre Phase III on the west side of the airfield with great success. I know we are going to continue to see continued success and growth around DFW.”
About Trammell Crow Company
Trammell Crow Company’s Dallas/Fort Worth office is the largest of the local operations of Trammell Crow Company. The Dallas/Fort Worth office currently manages over 50 million square feet of commercial office, industrial, retail and corporate real estate and has over 500,000 square feet under development. The company currently represents over 5.4 million square feet in the Dallas Central Business District and provides a complete line of services to commercial real estate owners and investors in the Dallas/Fort Worth area. Services include tenant representation, property management and leasing, facility management, investment services, integrated solutions, project management and development for office, industrial and retail properties.
Founded in 1948, Trammell Crow Company is one of the largest diversified commercial real estate services companies in the world. The company provides building management, brokerage, project management, and development and investment services to both investors in and users of commercial real estate. In addition to its full service offices located throughout the United States, the company has offices in Canada, Europe, Asia and Latin/South America focused on the delivery of real estate services to user clients. The company delivers brokerage services outside the United States through strategic alliances with leading providers - in Europe and Asia, through Savills, plc, a leading property services company based in the United Kingdom; and in Canada, through JJ Barnicke, a leading Canadian real estate services provider. The company delivers building management, brokerage, and project management services in India through Trammell Crow Meghraj, India’s leading property services company jointly owned by the company and certain international partners. Trammell Crow Company is traded on the New York Stock Exchange under the ticker symbol “TCC” and is located on the Internet at www.trammellcrow.com