The building has a total of 423,405 sf and is almost completely occupied. Rents at the property are quoted as $22 per sf.
Steve Rocher with the Houston office of Grubb & Ellis represented the building owner, Koch Properties. Sarah McMurray with McMurray Interests represented the tenant.
According to Grubb & Ellis' second quarter statistics, the Greenspoint/North Belt submarket has nearly 11 million sf of office product. Last quarter the submarket absorbed a negative 8,950 sf. Year to date, the submarket has seen close to 42,000 sf in negative absorption. The vacancy rate for the area is 15.6%, while rental rates for the second quarter averaged $20.40 per sf for class A space and $16.91 per sf for class B.
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