Gary Walker, president of SCM, tells GlobeSt.com that the real estate firm struck a deal with buyer, Dr. Huy Tran of Texas Eye Physicians, to remain in 4,624 sf until the Vandergriff Building's second floor is ready to occupy. He says SCM's lease, set to expire with an affiliate, was modified with a three-month extension, including one bump in the rate in the fall as part of the sale to Tran, who now offices right down the street.
The new owner of the 84%-leased office building has retained SCM to continue leasing and managing it. Walker says the physician is weighing whether to take down the last 2,000 sf or wait until SCM frees up space that it's occupied at least eight years. Other top space-takers--a hearing aid specialist and law firm--have been in the 22-year-old building at least five years.
Walker, general partner in the seven-year selling partnership, says the asset was on and off the market, eventually trading at 10% less than the ask. Tran secured a loan from Chase Bank to make the close.
Walker says the construction start on the 79-year-old Vandergriff Building at 100 E. Division St. hinges on final approval of its plans by the National Park Service. If the OK comes through as planned, work will begin within 90 days, according to Walker.
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