"Renovations have been ongoing for the past 12 to 18 months," says Lee Jeanne with Trammell Crow Co. in Houston. "It's still going on. They're still renovating in the common areas, but the majority of renovations have been completed." He's not saying how much was invested by the previous owner and the one who took over last summer, but he is crediting the upgrades with the surge in leasing at Ashford VI at 1155 Dairy Ashford Rd., owned by CFS Ashford VI LP of Carlsbad, CA.
Jeanne says the leasing pendulum is starting to swing. "We're driving toward a landlord market at a brisk pace," he tells GlobeSt.com. "That's helped boost the occupancy here, too."
Oil States Industries Inc., headquartered in Arlington, took down 9,117 sf in a five-year deal at slightly less than Ashford VI's quoted rate of $18 per sf gross. The firm will relocate from 13111 Northwest Freeway.
Jeanne also worked out a direct deal with eSeis Inc. for a 6,959-sf office that it's been subleasing since March 2000. The firm, signing a five-year lease, is paying close to market rate, he says.
Jeanne says that the two deals and an 11,983-sf pact completed late last year with Leicht General Agency have pushed occupancy to 70% in the 25-year-old building. Ashford VI was less than 60% leased when it changed hands last summer. He says several upcoming transactions, scheduled to close within the next month, will drive occupancy closer to 80%.
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