The new tenant signed a long-term lease for the second-floor space at 1201 Lake Woodlands Dr., taking the 40,000-sf office component to 50% occupancy. The firm exited 4810 W. Panther Creek Dr.
Last year, the mall underwent a 150,000-sf retail and office expansion. "The Woodlands' class A office market is the tightest in the Houston area," Nelson Udstuen of the locally based Axis Property Advisors tells GlobeSt.com. The mall's office space is on the market for $24 per sf gross.
Situated at Interstate 45 and Lake Woodlands Drive, the mall totals 1.3 million sf and connects to a waterway. Axis Property Advisors was retained by Chicago-based General Growth Properties Inc. in 2003 to lease the class A office space. Kevin Barr of local brokerage firm, Palermo Barr, represented the Woodlands Financial Group.
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