The firm, signing a long-term lease, plans to occupy the class A office space in first quarter 2004, Vince Gyorgy with NAI Partners Commercial in the city tells GlobeSt.com. He and NAI's Brad Marnitz represented the locally based producer of commodity petrochemicals in the lease negotiations. Sterling also operates a plant in nearby Texas City.
Gyorgy says his client reviewed the Downtown market and chose the 3.1-million-sf, three-building complex because the company liked the amenities. The property includes 12 restaurants, retail shops, the Doubletree Hotel and the Metropolitan Business and Sports Club. The building is owned by Trizec Properties Inc., which had in-house broker Paul Frazier negotiating its terms. The 23-year-old Three Allen Center is a 1.2-million-sf, 52-floor office tower with a quoted rate in the mid-$20 per sf range.
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