The transaction puts the 57,119-sf office building at 16300 Katy Freeway at 98% occupancy. According to Doug Little, a complete renovation was necessary for the space, to the tune of about $18 per sf. "We had to completely gut and re-do the space," Little, executive vice president for Houston-based PM Realty Group Inc., tells GlobeSt.com.
The 21-year-old building has a quoted rent of $16 per sf. Its tenant mix is varied. "It's not strictly one group," Little says. "We've got insurance companies, engineering companies and others."
Two Park 10 Place is owned by KBS Realty Advisors of Newport Beach, Ca, which has PM Realty in charge of its Houston portfolio. Evonne Keene with locally based Transwestern Commercial Services bargained the deal for the tenant, who moved from 11111 Katy Freeway.
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