Bill Wolff of Houston's Equis represented the Cullen/Frost Bankers, a San Antonio-based financial holding company that provides retail and commercial banking and financial services in Texas. John Spafford of Houston's PM Realty Group represented the building owner, Koll Bren Schreiber Realty Advisors, in the lease negotiations.
The 22-year-old building is designed with 19 stories and 264,885 sf. It is part of a 50-building, 5.2-million sf portfolio in Houston. Excluding available sublease space, the 1010 Lamar currently is 88% occupied. Office space is advertised at $18 per sf annually.
Houston's CBD currently has an inventory of 32 million sf, with a vacancy rate of 10%. Over two million sf of new inventory are under construction in the area. Average lease rates are $25.10 per sf for class A space and $20.71 per sf for class B space.
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