The 1535 W. Loop South is a four-story, 64,346-sf office building with freeway frontage in one of the most prestigious office markets in town. Situated near the intersection of San Felipe Street and Woodway Drive, the 86%-occupied building has a quoted rate of $13.50 per sf. The Galleria submarket at the end of the third quarter was getting an average rent of $19.89 per sf. The average had been $20.21 per sf in the second quarter.
A spokesman for the building owner tells GlobeSt.com that the tenant moved into the building in September 1986 and didn't use a broker to negotiate the contract. Building owner Koll Bren Schreiber Realty Advisors was represented by Kim Grizzle and Wade Bowlin, both of PM Realty Group in Houston. The owner controls 5.2 million sf in 50 office, retail and office/warehouse buildings in Houston.
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