36,589 SF of LBJ Corridor Space Firmed Up

The Houston-headquartered Air Liquide re-upped nearly three years early on a 16,587-sf office at 9101 LBJ Freeway. The newly drawn lease with a seven-year term "was done to get a rate more conducive with the market and evaluate the market opportunities," John Shaunfield with Dallas-based Mohr Partners tells GlobeSt.com. "We were focused on the rate." These days, the building's brokers are quoting $14.50 per sf.

The old pact had a May 31, 2007, expiration, Shaunfield confides. Air Liquide has had its divisional office on the top floor of the eight-story building for the last four years. "We kind of fine-tuned the lease," he adds. That tweaking guaranteed a building sign and expansion space for the 125,853-sf building's largest tenant, which held onto a location within eyeshot of its main customer, Texas Instruments.

Shaunfield and Kristen Nikolas, also with Mohr Partners, crafted the tenant's terms. Mike Pierre and Greg Hoffman, both with Wilcox Realty Group, represented the building owner, CMD Realty Investors.

In the LBJ Business Park, Paradigm Suites struck a 10,782-sf deal after buying out a competitor and opting to hold onto an office in 2995 LBJ Freeway, one of four buildings with 194,038 sf and a quoted rate of $14 per sf. The 64-month lease came with four months of free rent, Leanne Weymouth with the Dallas office for Houston-based PM Realty Group tells GlobeSt.com. Paradigm, using in-house representation, reworked the lease held by A to Z Executive Suites, a seven-year tenant in a complex managed by Miami-based Lennar Partners for a Credit Suisse First Boston partnership.

Weymouth, acting single-handedly, has just opened doors on a 9,220-sf office, secured by a 69-month term, to a new medical group, PrimaMed Physicians Association. The group took three-fourths of the fifth floor in the 70%-leased tower at 11910 Greenville Ave., where the going rate is $14.50 per sf to $15.50 per sf.

Weymouth says the deal backfilled space empty for two years plus helped accommodate a tenant looking to downsize. The 100,000-sf Forest Green Tower is the centerpiece to a garden-style complex, also controlled by Lennar on behalf of a CSFB partnership.