The 19-story, 264,885-sf office tower is part of the 5.2-million-sf Koll Bren Schreiber Realty Advisors Houston Portfolio. The 21-year-old building is located between Main and Fannin downtown. The 1010 Lamar currently is 84.5% occupied with a quoted lease rate of $17.50 per sf.
John Spafford of Houston's PM Realty Group represented the building owner in the lease negotiations. The law firm used in-house representation for its side of the talks.
According to research published by Houston's O'Connor & Associates, the CBD has posted a loss of 878,955 sf of negative absorption so far in the second quarter. Nearly half or 429,502 sf of negative absorption was in class A space. Class B space was back 323,742 sf so far this quarter while class C space is looking like the winner with a positive showing of 143,566 sf to date. The CBD has the highest negative absorption rate of any submarket in the city followed by the Galleria, which recorded a 758,072 sf of negative absorption for the quarter.
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