Tuesday, December 6, 2016

Little Rock Tech Park announces first tenants

Posted By on Tue, Dec 6, 2016 at 9:31 AM

click to enlarge tech-park-exterior-1024x682.jpg

The Little Rock Tech Park announced its first tenants at a press conference at the Little Rock Chamber of Commerce this morning. They include ...

The Little Rock Venture Center

Idatafi, a company born in the Venture Center.

LumoXchange, a financial tech company from Atlanta.

PC Assistance, which already has a West Little Rock office.

PFITR, income securities from St. Louis.

Labscoop, an online platform for medical facilities.

Redoxica

Sparkible

And two individuals:

Mary Lewis with Accelerate Arkansas.

Clay Simmons, senior manager for software at Comcast.

Leslie Peacock will have more later.

UPDATE: Tech Park director Brent Birch says that, not including the Venture Center's 1,955 square feet of rentable space, the furnished space at 417 and 415 Main St. — the third floor of both buildings and the second floor of 415 Main St. — is 65 percent reserved. That is not 65 percent of the square footage, but 65 percent of seatable space. He said he hopes to announce more tenants before Christmas.

The fourth, fifth and sixth floors of 417 are not furnished; they'll be leased to more established companies, with longer leases.

With the exception of the Venture Center, the leases announced today are for start-up companies, and on a month-to-month basis — Birch likened them to "gym memberships." He said several of them have applied for grants from the Tech Park to allow them to lease at lower-than-market rates, "which is a way to help them get their feet on the ground." Those rates will rise incrementally over 12 or 24 months to reach a market rate.

He said he would provide a figure on how much income the new leases will generate later today. UPDATE: Birch said the leases at 415 and 417 Main will produce income of $10,889 a month. The Exchange Building at 423 Main St. brings in nearly $67,000 a month. The tech park has taken out a $17 million loan to purchase and upgrade the properties.

There is still space available on the second floor of 415 Main St. (the former Mays Law Firm office) and a couple of work spaces on the third floor of 417 Main St. (formerly the annex to the Exchange Building, also known as Five Main Place, which is leased to the state Department of Higher Education).

The buildings will be ready for occupancy March 1.

Read more about the park and its tenants here.

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