Philip Price with the Houston office of Cushman & Wakefield of Texas Inc. represented the tenant in the lease talks. The firm provides insurance policies for owners, operators, manufacturers and maintainers of private, corporate and commercial aircraft.
Zenith Properties of Houston owns the 119,000-sf, 20-year-old office building in the Westchase submarket. Ace Schlameus and Jay Kyle, both with the Houston office of Grubb & Ellis Co., handled Zenith's side of the negotiations. Zenith's local portfolio consists of the 90,218-sf 10500 Richmond Ave. building; a 92,539-sf office building at 11111 Richmond Ave.; and the 32,000-sf 5900 Memorial Dr. building.
The Westchase submarket contains about 9.4 million sf of office product, according to Grubb & Ellis. It is shouldering a 26.4% vacancy, with negative absorption of 108,045 sf being recorded in Q1. The class A rent averages $22.24 per sf and class B, $17.39 per sf.
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