The company, which has been at 3500 Little York Rd. for six years, looked at other properties before deciding to stay put in the 49,286-sf retail-turned-office building. Andre Granello with NAI Houston tells GlobeSt.com that SER's market survey showed options were limited. "They're required to serve a certain area, a certain ZIP code and certain individuals," he adds. "They found, after looking, that they were better off staying where they were." The non-profit organization services Houston and Galveston.
The quoted lease rate on the 1969-constructed building is $12 per sf gross. Granello says the final deal ended up close to the quote. "There weren't a lot of improvements needed, outside of a new carpet and some paint," he says.
June McGivern of Plaza Suite Management Inc. in Houston represented the local building owner, Ocires I Ltd. The renewal keeps the building's occupancy about 85%.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.