The transaction pushes occupancy to 95.9% in the 156,703-sf building at 738 Hwy. 6 S. The building's quoted rate is $17.50 per sf to $18.50 per sf, full-service gross. Memorial 6's advantage is its right across the street from the tenant's headquarters office in Gulf Plaza at 16010 Barkers Point Lane.
"Gulf Interstate took the space, almost as is, because it worked for them. Their volume of projects had picked up," says Craig Beyer, executive vice president in Houston for CB Richard Ellis. "They had no plans to move elsewhere. They'd been in their current spot for a number of years."
Beyer tells GlobeSt.com that, while Gulf Interstate's current expansion is short-term, further expansion could be in the works for the international pipeline company, which provides project management, engineering, material and construction management to the energy industry. "Based on potential projects, they might be ready to do that again," Beyer adds.
Beyer and CBRE vice president Lance McCarthy represented the tenant. Monte Calvert with Houston-based Transwestern Commercial Services brokered the deal for the building owner, CKL Memorial Six LP of Austin.
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