HOUSTON-An unusually rapid deal found American Federated Mortgage Corp. completing its transaction within three days, leasing 6,624 sf of Galleria space and moving in, even after renovations, within three weeks.
The mortgage company took over class A space in the south tower of Park Towers at 1333 W. Loop South. The firm relocated from 811 Heights Blvd.
American Federated president Bob Sudberry was driving by the property when he spotted the sign about the available space. He called Mark Preston of Moody Rambin Interests, Houston, who along with Fontaine Carroll, part of the in-house team for the Dallas-based building owner, TPMC Realty Corp., brokered the pact. Within 15 minutes, Sudberry was touring Park Towers and lease documents were signed three days later. The tenant has just moved into the class A space. The paper work on both sides was completed with speed that those interviewed by GlobeSt.com said they had "never seen before."
Completely gutted and renovated in 2000, the office space has been vacant since then. The 545,000-sf Park Towers in the Post Oak/Galleria area was redeveloped by TPMC Realty. At $22 per sf, the north tower is 95% occupied while the south tower has just had 78,000 sf filled in recent months by General Electric Energy. According to sources, speculation had it that the area was less attractive due to heavy construction, but General Electric strongly disagreed and apparently so does American Federated.
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