Lincoln Property, Archon Tackle 142,000-SF Repositioning

Archon is managing the asset on behalf of property owner, WXI/AJP Real Estate LP. Rosemary Kogler of the Houston office of Dallas' Lincoln is heading up the leasing effort.

The 9720 Beechnut building is about 13% occupied and the 74,000-sf 9724 Beechnut is completely vacant, Charlie Giammalva, Lincoln's senior vice president in Houston, tells GlobeSt.com. Giammalva says the buildings have sat virtually empty for several years as Archon talked with potential buyers. When talking failed, Archon decided to reposition and re-tenant the buildings.

Archon put out a request for proposal on the planned repositioning, attracting the interest of several brokerage houses. Dallas-based Trammell Crow Co.'s Houston office previously held the leasing assignment.

Kogler says the marketing plan for the 21-year-old buildings will, in part, a focus on their proximity to the Westchase submarket. With asking rates in the $13 per sf range, Kogler says the buildings will provide an excellent, cost-effective alternative to users seeking class B space near Westchase.

Kogler anticipates proximity to the Westpark Toll Road and other nearby road improvements will help the push for multiple tenants or even a single tenant for the vacant 9724 Beechnut. Packages have gone out to prospects seeking from 800 sf to 50,000 sf in an "across the spectrum" courtship.