The oil and gas company has signed a deal for 363 North Belt, a 33,468-sf building at 363 North Sam Houston Parkway. Jim Pratt of NAI Partners Commercial in Houston brokered the deal for the tenant. Jerald King of Insignia/ESG's Houston office represented the building owner, 363 North Belt-VEF III LP. The 20-year-old office building commands $20 per sf, according to its advertised rate.
Fourth quarter 2001 figures are still being tweaked, but it's unlikely that office stats will have changed significantly from the third quarter for the Greenspoint/North Belt submarket. At the end of the third quarter, office vacancy stood at 12.7%. The submarket is close to the Bush Intercontinental Airport and is the city's fourth-largest suburban office corridor, boasting more than 10 million sf. Office properties fetch $22.76 per sf for class A space and $17.34 per sf for class B quarters.
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