The long-term lease coincided with the expiration of two older pacts in nearby One Greenway Plaza, where the firm's had its offices since 1998. According to Scot Ison, president of locally based Axis Property Advisors, growth and practicality spurred the transaction. "They experienced growth that couldn't be accommodated on one floor," says Ison who, with Temple Brown of Axis, represented the tenant. "This deal allowed them to take more property, to be on one floor and to get everyone together."
The timing worked well on the deal, Ison tells GlobeSt.com, because the two leases in One Greenway Plaza were approaching expiration, making the deal easier to manage. Also, the new space has been vacant for some time so a complete renovation could take place. Costs on the remodel were not available.
Built in 1969, Two Greenway Plaza is a 209,914-sf, class B building near Southwest Freeway and Buffalo Speedway. Part of the 60-acre Greenway Plaza, the 11-story Two Greenway Plaza is 95% leased with the deal. Warren Savery of Fort Worth-based Crescent Real Estate Equities Ltd. represented the owner of record, Crescent Real Estate Funding III LP.
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