Encore Enterprises, a hotel investment and management company, is taking slightly more than half of the 12th floor of the 24-story, 540,514-sf tower at 5005 LBJ Freeway, getting office space vacated years ago by Occidental Chemical Corp. The class A space is being marketed for $19.50 per sf to $21 per sf plus electric. The high rise, owned by Houston-based Occidental Tower Corp., is 81% leased.
Brokers aren't discussing the deal or the site search, but sources say Encore had been looking for some time for the right location for its first office in the region. The hotel company is keeping its plans under wraps, but an announcement could be forthcoming within weeks, say local brokers close to the deal.
James Buddrus, executive vice president and principal, and Dan Woldert III, associate, with Swearingen Realty Group LLC in Dallas were the tenant's representatives. The building owner had Grubb & Ellis Co.'s local leasing director Kathy Permenter and associate Burson Holman packaging its terms.
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