The 17320 Red Oak Dr. clinic is right around the corner from Cypress Creek Hospital's main campus, a psychiatric care center that also deals in substance abuse. According to Griff Bandy, an associate with NAI Houston, the organization, which had been in the Red Oak space for five years, examined other buildings before deciding to renew. "They decided the economics were most favorable where they were," says Bandy, who teamed with NAI Houston's Jon Silberman to represent the tenant. "We negotiated pretty aggressively off what the landlord initially came to us with."
Bandy says the annual quoted per sf rate is in the high teens. "We managed to get that down a bit," he tells GlobeSt.com, "plus we were able to secure a tenant improvement allowance to improve the space and put some more paint and carpet in there. I think they were even going to move a wall or two." Michelle Wogan with Houston-based Transwestern Commercial Service represented the Dallas building owner, St. Ives Realty Inc., in the deal.
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