Pan American Operating Co. has started negotiations for another 2,000 sf at 1010 Lamar St. although it won't open doors on its corporate headquarters until early March, Chuck Goldstein of Cresa Partners' local office tells GlobeSt.com. He says the firm could have chosen almost any class A building in the CBD because of the vacancy in downtown. "They had a lot of options--pretty much any class A building in downtown would have accommodated them," says the tenant rep.
But, Goldstein adds, the 1010 Lamar St. building stood out amongst all the options in downtown. "The building has strong ownership, good management and small floor plates of about 15,000 sf, which allows Pan American to take a full floor and have an identity in the building," he says. Pan American will be located on the 12th floor of the 19-story, 264,885-sf office building, owned by KBS Realty Advisors of Newport Beach, CA.
With the Pan American lease, the 1010 Lamar St. building is 88% occupied. It leases for $16.50 per sf. John Spafford and Doug Little with PM Realty Group's local office represented KBS Realty.
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