Gloria Parrino of Houston's Betz Commercial Brokerage Inc. represented Third Cross in the negotiations. Parrino tells GlobeSt.com that the locally based buyer will take about 6,000 sf in the building. Larry Indermuehle of Lang Motes Indermuehle & Co., also in Houston, brokered the sale for Newmark.
Newmark built and has moved into a 20,000-sf building right next door to its old headquarters. Indermuehle says Newmark sold the five-year-old building because it had outgrown the space and wanted a headquarters with a showroom.
Indermuehle says it took between three and four months to sell the building. The building's elegant finish peaked interest in the buyers' circle. It is designed with a grand entryway replete with a large staircase. It also boasts many ornamental touches and finishes such as wood molding.
Indermuehle will continue to handle leasing and management for the building. The new owners have set aside between 5,000 sf and 6,000 sf for new tenants.
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