Raytheon, long-time tenant in Clear Lake, occupies office space in the 117,987-sf Raytheon Building, built in 1982 on 5.65 acres. BGK of Texas manages the building, which fetches $16 per sf. Nauru Phosphate Royalties Inc. is the building owner and Eric Anderson with Transwestern Commercial Realty, the leasing agent.
Based in Lexington, MA, Raytheon produces products for defense, commercial electronics, business aviation and special mission aircraft industries. Raytheon is a $20-billion company with 100,000 employees worldwide.
The Clear Lake submarket, with its strong ties to NASA, remained stable in the last half of 2001. Occupancy increased 1% mainly due to a move and expansion of Boeing Co. Boeing vacated 119,000 sf of class B space to into 157,000 sf at 3700 Bay Area Blvd. The submarket's occupancy is 84.06%. At the year's close, rental rates were flat despite a 1.2% increase in last half of 2001. Class A space is brings an average of $19.38 per sf while class B is riding at $14.84 per sf; and class C, $12.80 per sf.
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