Lucian Bukowski of the Houston office of Dallas-based Staubach Co. represented Novell at the bargaining table for the long-term lease. Derek F. Beck, leasing director with the Houston office of Insignia/ESG, handled negotiations for the building owner, Means Knaus LLC.
Beck tells GlobeSt.com that the 184,259-sf building's ample surface and garage parking, Westchase views and the high-tech look and feel were the dealmakers for Novell. The firm also likes sharing a building with Hewlett-Packard, which leases about 19,000 sf. Novell's space includes space for training area, executive briefing and demonstrations.
Built in 1999, the building currently is 90% occupied. Its annual rate is quoted at $23.50 per sf. According to second quarter statistics, the Westchase submarket is supporting at 24.4% vacancy, with average rents for class A space standing at $21.70 per sf and $17.40 per sf for class B.
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