The 76,113-sf, class C-plus office building at 17629 El Camino Real carries a quoted rent of $14.50 per sf annually. "Draper was real close to that rate, a little under that, but the base rates were higher," explains Mike Adams, leasing manager with PM Realty Group in Houston.
Adams, who represents the Newport Beach, CA-based KBS Realty Advisors, tells GlobeSt.com that the office, which required a complete renovation, was part of a block leased to one-time lead tenant, Haldor Topsoe Inc. "We combined that with a couple of other contiguous spaces for them," Draper says, adding the deal included some free rent.
Draper, a NASA contractor for 25 years, is moving from 2200 Space Park Dr. Philip Price with Cushman & Wakefield of Texas Inc.'s Houston office represented Draper, which provides guidance, navigation, and control support to the Space Shuttle program.Adams says the lease takes the building's occupancy to 92%. And, there are two deals expected to close shortly to fill another 1,800 sf, he says.
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