The brokers were mum about the selling price, but the askingprice for the 25-year-old-plus property was about $1.3 million. Thesellers acquired the building in 1999. It is assessed at $801,080,according to Harris County Appraisal District.

L. Michael Wallace and Michael J. Taetz, both of the Houstonoffice of Colliers International, represented both parties in thetransaction. Taetz tells GlobeSt.com that Deep Down wanted to ownits building for some time. The low interest rates pushed the planto reality. He says the firm also tailored the building to itsneeds so the purchase ensures the improvements stay with thecompany.

The manufacturing facility is positioned on 4.9 acres, ampleroom for outdoor storage of Deep Down's equipment. The firmprovides installation management, engineering and services to thesub-sea controls, umbilicals and pipeline industries. Deep Downmaintains fabrication and hydraulic shops in the building plusstores related equipment for its customers.

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