The premier tenant has chosen a 20-year-old office building that's 76% occupied. Office space is quoted at $18 per sf. Phillip Thompson and Mark Russell, both of the Houston office of Trione & Gordon LLP, represented the high-profile tenant in the lease negotiations. Brad Sinclair with the Houston office of Chicago-based Transwestern Commercial Services structured the pact for the building owner, Keppel Houston Group.
According to Houston's O'Connor & Associates, the Galleria has posted 758,072 sf of negative absorption thus far in the second quarter. Of that, 430,294 sf of the negative numbers are tied to the Galleria's class A market.
JPMorgan Chase Bank is part of the JPMorgan and Chase group of companies, one of the world's largest financial services firms. The company boasts in excess of $713 billion in assets and operates in more than 50 countries.
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