Based on submarket rental rates that range from $19 per sf to $22 per sf, the long-term lease is worth more than $1.3 million. "There are a lot of options in Greenway Plaza and the Galleria," says Jon Silberman, co-managing principal of NAI Houston who represented the law firm along with principal Drew Lewis. The building owner, BeverlyHills-based Peak Phoenix Tower LP, was represented by Paula Bruns of the locally based Hines, which manages the 34-story tower.
Silberman tells GlobeSt.com that the local law firm, which specializes in commercial law and litigation, was happy with their current space and location, but wanted to make sure they were getting the best deal in the market. "At the end of the day it was economics,and Phoenix Tower was comparable to other buildings," he says.
Built in 1984, Phoenix Tower contains 618,578 sf and is 82% leased to tenants including Washington Mutual, Sprint PCS and Morgan Stanley Dean Witter. "The Greenway Plaza submarket is very soft…It's definitely a tenant's market," Silberman says.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
