The 17-year-old tenant manages energy for buyers in the automotive, glass, paper and pulp, rubber, steel, food, textiles, pharmaceuticals, chemicals, consumer goods and building materials industries. Kevin Hodges with Strategis LLP represented Kimball Resources while Gregory P. Shaw of Insignia/ESG's Houston bargained for the building owner, Alder Properties Associates LP.
The Highlands Insurance Building is a 19-year-old, 310,296-sf suburban office building near the intersection of Richmond Avenue and Beltway 8 in Westchase submarket, which bears a 26.1% vacancy. The 75%-occupied building has an advertised lease rate of $20.50 per sf annually.
According to a report recently published by the Houston office of Julien J. Studley Inc., the Westchase submarket has almost 13 million sf of office space. In Q4 2001, 622,971 sf was leased, taking the annual total to 1.6 million sf of leases.
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