Americo plans to fill about 7,500 sf in the 7575 San Felipe building, situated on one acre near the high-profile street's intersection with Voss Road, when it moves in the coming months from its long-time Katy Freeway address. "They're mainly a private, independent oil and gas firm, which wanted a solid investment," explains Rusty Tamlyn, principal with Trammell Crow Co.'s capital markets group in Houston. He and TCC colleague Ralph Tullier represented the local seller, 900 East First Street Associates.
Tamlyn tells GlobeSt.com that the property, assessed at $2.8 million, came to market without a minimum price, but sold for more than $4 million. According to comps in the area, a comparable class B office building on one acre would sell for $76 per sf to $90 per sf, depending on occupancy. As for upgrades, a renovation could be at hand, but the work would be mostly cosmetic, Tamlyn says.
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