HOUSTON-Three new tenants have signed lease agreements totaling52,000 square feet at Marathon Oil Tower. The companies are AonCorp., KNOC USA Corp. and Huffco Group. Additionally, four tenantshave renewed their leases for a total of 39,458 square feet.

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With the new leases, the a 41-story, Class-A office building is92 percent leased, according to Bill Caulfield, director – assetmanagement for Hanover Real Estate Partners, the property’sGreenwich, CT-based owner. Located in the Galleria area, MarathonOil Tower property, asking rental rates range from $16.50 to $18.50per square foot, triple-net.

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“We are definitely seeing a positive change in activity,”Caulfield tells GlobeSt. “It’s hard to tell, but improvements inthe economy have definitely contributed to the increasing activityas compared to a year or so ago when there was no activity.”

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Aon Corp., which provides risk management and consultingservices, along with insurance and reinsurance brokerage, signed a10-year lease for 46,797 square feet. The firm will relocate fromanother Galleria office building. David Bale and Ronnie Deyo ofJones Lang LaSalle represented Aon.

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KNOC USA Corp., a wholly owned subsidiary of the Korea NationalOil Co., also is relocating. The firm inked a five-year lease for3,024 square feet. Anna Schinas and Louie Crapitto of Jones LangLaSalle represented the tenant.

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Meanwhile, Huffco Group, a local oil and gas extraction company,is relocating to Marathon Oil Tower from 700 Louisiana St. The firmcommitted to a five-year lease for 2,520 square feet. Jeff Cairnsand Brandon Clarke of CB Richard Ellis represented the Huffco.

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All three companies will move into their new space within thenext two to three months, Caulfield says. Hanover was representedin all three lease transactions by John Pruitt and Jessica Ochoa ofCBRE. In addition to the new leases, the following tenants haverenewed their leases: WEUS Holdings; The Fifth Business; KelpetroOperating Inc. and Stone Partners.

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Hanover, which owns and manages an aggregate of 2.7 millionsquare feet of office buildings and industrial/warehouse across thenation, also renewed its licensing agreement with Sodexo tocontinue to operate Tanglewood Terrace, the Marathon Oil Tower’sfull-service dining facility.

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