Fleetwood Retail, the financing arm of a manufactured home manufacturer, signed an eight-year lease for 29,178 sf of class B office space and will move into the top two floors of the ten-story building in April, says Joe Peddie, a senior director with Cushman & Wakefield of Texas Inc.
Peddie tells GlobeSt.com that Fleetwood Retail had been housed at its existing address for five years, but during that period the employees moved closer to North Houston. "We did a demographic study and found that it would be more convenient for Fleetwood Retail's employees if the office were located in the Greenspoint area," he says, noting the new location is a good fit and upgrades the company's image.
The lease brings the 180,000-sf 10700 North Freeway to 78% occupied, says Steve Rocher, a senior vice president of Grubb & Ellis Co. who represented the building owner, Houston-based BMS Management, along with Kristen Rabel. "They leased 15% of the building. It's a pretty significant deal," he says. According to Rocher, the rental rate for 10700 North Freeway is $16 per sf.
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