"They'd moved into 20,000 sf earlier this year and ended up expanding to two full floors," explains Ace Schlameus at Grubb & Ellis Co.'s Houston office, who represented the building owner, Triyar Management of Texas. He tells GlobeSt.com that negotiations resulted in an amendment for another 4,000 sf that runs co-terminus with the in-place pact, which expires in 2011, for the 124,888-sf office/warehouse at 2600 Southwest Freeway.
The class C office space is quoted at $13 per sf annually. Schlameus says the deal cut for Velocity Express was strongly based on that rate. In addition, the talks secured a $12 per sf tenant improvement allowance to renovate the extra space. Ron McWhorter with Cushman & Wakefield of Texas Inc.'s Houston office was the tenant's rep.
Schlameus says the building is now 52% filled, with leases pending for an additional 10,000 sf. "Hopefully, we'll get that done within the next week," he adds.
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