Bill Goeke, PM Realty's senior vice president and director of the central division, tells GlobeSt.com that he is particularly enthused about capturing the national assignment since it's been a goal to establish a stronger base of national clients. Devon Properties manages European-held assets and previously used Insignia/ESG's Houston office to oversee the Houston portfolio.
PM Realty is taking over at 10370 Richmond Ave. and 13401 North Freeway, owned by Adlar Properties Associates LP and Acadia Properties Associates LP, respectively. The majority, if not all, of the investors in the owning entities hail from Europe, according to Goeke.
The 10370 Richmond Ave., commonly known as the Highlands Insurance Building, is a 14-story, 310,296-sf office tower located in the Westchase submarket. Goeke says occupancy at the building is only 56%. "The owners are hoping to accumulate more tenants," he says.
The 13401 North Freeway is a seven-story, 143,408-sf suburban office building in the Greenspoint submarket. It is fully leased to a major oil company. PM Realty's objectives are to maintain costs and ensure a high level of service is delivered to the tenant.
PM Realty now is managing 31 million sf and leasing 11 million sf in Houston. Goeke says the firm's ranking as the city's largest third-party management and leasing agent sealed the deal with Devon Properties.
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