With the new deal, the 219,100-sf, 12-story building is 77% occupied. Office space in the building runs $14 per sf.
Steve Rocher and Kristen Porter, a Houston team for Grubb & Ellis Co., represented the property owner, Unilev Management. Stan Reid of Investors Realty Services spoke for the incoming tenant. Frontera is a marketer of crude oil, sells refined products, distributes chemicals and is a commodity trader.
The near southwest submarket has about four million sf of office product. Regency Square Tower's asking lease rate is slightly less than the submarket average, $14.46 per sf, for class B product. The area, bearing a 16.4% vacancy, absorbed 134,864 sf through the third quarter, the highest absorption rate in the city.
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