Aegis Mortgage Corp. of Houston is settling into 51,264 sf in a seven-year lease at the property. The deal was sealed when the building's brokers offered the entire top floor in a bid to win the West Houston tenant.
Eric Anderson of Houston-based Transwestern Commercial Services tells GlobeSt.com that the chief selling point was the shell condition, which was tailored to the operation to maximize efficiency. He, Transwestern's Brad Sinclair and Matt Greer of Simmons, Vedder & Co. negotiated the deal for the building owner, a joint venture of the Houston-based developer and Invesco Realty Advisors of Dallas. Vince Gyorgy of the Houston office of NAI Partners Commercial represented the tenant.
Wood Group Pressure Control, a Houston engineering firm, took 25,084 sf in a 10-year lease. They turned on lights for the first floor, relocating from the Park 10 area of West Houston. The 11-foot ceilings and location were the deciding factors, says Anderson. The tenant's representatives were Trey Odom and Chris Torn, both with Insite Realty in Houston.
Anderson, noting the 40% occupancy, is confident the leasing team will meet the goal for stabilization by the end of the year. The asking rate is $23.50 per sf.
"While the overall market in Houston remains flat," Anderson said in a press release, "we continue to see promising demand in the Westchase area as companies realize that the amenity base and the proximity to the Beltway and their employees make Westchase a very convenient and desirable location to office.
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