Verizon Wireless Cuts New Deal, 193,082 SF for 12 Years

The office integration "will better serve our Houston/Gulf Coast customers," Katherine Greene, Verizon Wireless' regional president, said in a prepared statement. Verizon officially became a tenant in July 2000 when it was formed out of several related companies, including PrimeCo Personal Communications, the leaseholder, according to a Verizon contact.

Amy Toups, director for the Dallas-based owner WiredZone, tells GlobeSt.com that Verizon's new longer term lease runs for 12 years. James J. Arket, senior vice president with the Houston office of Grubb & Ellis Co. represented Verizon at the bargaining table. Andrew Spence of Cushman & Wakefield of Texas Inc.'s Houston team was WiredZone's representative.

Arket said "the local lease expansion by one of the nation's largest telecommunications companies further demonstrates the diversification of Houston's employment base." Verizon will be moving from 100 Glenborough in the Greenspoint submarket and 3434 Savoy in Westchase. In all, Verizon's Houston presence entails 55 retail locations, two call centers, executive offices and a network switch facility.

Greene said the building's "quality and depth of power redundancy" was the impetus for expanding its lease rather than seeking office space elsewhere. WiredZone touts its properties as being made for people and machines, unlike machine-oriented telecom hotels.

The WiredZone building is an intensive band-width location with high-tech, high-powered measures designed to stand up against service interruptions, water infiltration and other telecommunications breakdowns. Vance Detwiler, WiredZone's managing director, says the redundancy and building security are crucial factors for all of its tenants. Other features include high-bandwidth connectivity, sophisticated HVAC systems and heavy floor loads.

WiredZone bought 5959 Corporate Dr. in 1999. It is now 91% occupied. Office space is going for $20 per sf to $24 per sf plus electric, with the bottom line hinging as usual on several factors including placement.