Insignia gets the property management pact while forging an alliance with Colvill for the leasing duties. First City Bancorporation of Texas in Houston and JMB Realty Corp. of Chicago are the limited partner owners of the 98%-occupied office high-rise.

"We think this new team will greatly benefit both the property and its tenants," says Jerry Thompson, a senior executive with First City Bancorporation of Texas. "We interviewed many capable firms in the market before making our decision. It quickly became clear that Insignia/ESG understands how to manage a property from an owner's perspective, and the combination of Insignia and Colvill on the marketing and leasing side was unbeatable."

Peyton Collins, Insignia/ESG executive director tells GlobeSt.com that 10 brokerage houses lined up to get a piece of the action. He said Insignia's national network support provided the depth to win the account. Collins' team undertook extensive due diligence to understand the account, including an on-site visit by a regional engineer in Atlanta to make suggestions and review capital improvement plans for the property.

Major tenants include the Vinson & Elkins law firm, Ocean Energy and Waste Management, all of which have lease expirations coming due in three to four years, says Collins. To ensure renewal success, he says the game plan is to raise the bar on day-to-day management. The strategy includes Insignia's plan to relocate its Houston office to the tower in the coming months.

For Chip Covill, principal of Colvill Office Properties, the contract is a repeat performance of his duties from 1990 to 1997 when he held the leasing contract. "The combination of my experience on the property and Insignia/ESG's market knowledge and national platform is the best way to serve our client," he says. He says the alliance with Insignia will give "additional advantages and services" in the leasing arena.