An Equity Office representative declined to disclose details of the base lease or the aggregate value of the extension and the main lease. Lockwood Greene is taking the 9,464 sf on the eight-story building's second floor for only 13 months to house 100 professionals on a short-term project, Equity confirms.
Area brokers familiar with the Central Perimeter submarket tell GlobeSt.com the extension probably has a rent value of about $195,000. The total 71,762-sf lease has an estimated aggregate value of $13 million, based on an effective rent of $18 per sf, area brokers tell GlobeSt.com. The building's asking average gross rent range is $19 to $20 per sf.
Lockwood will occupy the extended space until April 2006. The tenant relocated to Sterling Pointe in June 2004. Patrick Duffy and Mike Kotzin of Newmark Southern Region LLC represented Lockwood Greene. Caroline Nolen, director-leasing for Equity Office, negotiated for the building owner.
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