LAWTON — Lawton’s hub for defense contractors has two new tenants.
The FISTA Development Trust Authority recently approved five-year leases with Berry Aviation Inc., a Texas-based specialty aviation company, and Dynetics Inc., an Alabama-based defense contractor. The two companies will set up shop in FISTA 1, the first phase of the FISTA Innovation Park in the former Sears store at Central Plaza.
Both companies will pay $17 per square foot for leasing space in FISTA 1, which will increase by 5% each year starting in the second year of the lease. The companies will also pay their share of FISTA’s operating costs.
Berry Aviation, which will lease 750 square feet of space in Suite B within FISTA 1, is expected to generate at least four high-tech jobs during the first year of the lease, according to the agreement. That number will include one administrative support role and three high-tech positions with an average annual salary of $100,000, plus benefits.
To help the company reach that goal, Berry’s base rent will be reduced to $1,000 per month for the first year of the lease, according to the agreement.
In the second year, Berry will receive a $12,000 credit towards operating costs if the company adds 15,000 square feet in FISTA 1 to the lease and begins building out the additional space, according to the agreement. The company will cover the cost of building out that section, which will include a lab and manufacturing space.
Berry will not have to pay the base rent amount for the second through fifth years of the lease if the company maintains at least four high-tech jobs and completes the build-out in the second year, according to the agreement. Otherwise, the company will be required to pay the base rent, minus $1 per square foot for each position below the four-job threshold.
Dynetics
Dynetics, which is already established in the FISTA Business Innovation Center in Central Plaza, will lease 3,500 square feet of space in FISTA 1.
The Dynetics lease includes a high-wage job creation program agreement, in which the company pledges to bring at least 20 high-paying jobs to the FISTA Innovation Park. Those jobs would have an average annual salary of $100,000 plus benefits.
FISTA officials think Dynetics may actually generate up to 30 new jobs for Lawton, said FISTA Vice President Mark Brace.
“There’s another phase of this to come of this particular type of activity,” he said. “So, this is software design and engineering work on the highest level. And it’s pretty exciting, really, that we are able to bring that to Lawton.”