Capstar Commercial received the leasing assignment from thebuildings' owner Ellman Cos. of Phoenix. Ellman, which is inacquisition mode, acquired the assets in late 2007. Moody RambinInterests Inc. of Houston had the leasing assignment prior toEllman's acquisition.


Clint Bawcom, vice president with Capstar Commercial's Houstonoffice tells that 1001 W. Loop South is 91% occupied,but 56,000-sf of contiguous space will become available in lateJanuary 2008 with AT&T Inc.'s departure. He says the otherbuilding is a shade less than 80% occupied. "There's noconsiderable roll in either building, other than some small spaceshere and there," he notes. Bawcom adds that the new owners willmake some improvements to both buildings, which were built in thelate 1970s. Lease rates in the Galleria submarket are approximately$28 per sf, net.


Capstar Commercial obtained this most recent assignment justweeks after taking on leasing for the 327,325-sf class A officebuilding at 15375 Memorial Dr. The increasing number of assignmentshas prompted Capstar Commercial's management to hire J.P.Hutcheson, formerly with Lincoln Property Co., as leasing manager.The growth also prompted Capstar Commercial's recent move from 5847San Felipe St. to 2,000 sf at Five Post Oak Park at 4400 Post OakPkwy. "We retailed the leasing on that building and decided to makeour permanent office there," Bawcom comments.

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