Minnesota-based St. Paul Properties had acquired the class A, two-building complex at 9750 W. Sam Houston Parkway North in late 2005. Space in the 222,991-sf Sam Houston Center is quoted at $7.80 per sf net, with a $12-per-sf allowance for finish-out. However, 80% of the NetVersant space required construction meaning "TIs were twice the quoted rate," says Darryl Noon, vice president of locally based Transwestern Commercial Services, who represented the owner.
Noon tells GlobeSt.com that NetVersant, represented by Bryan San Angelo of GVA Cawley in Dallas, was attracted to the 75%-leased building because the space could be customized. In addition, the building is visible from the beltway. NetVersant currently is located at 777 Post Oak Blvd. on the city's far west side.
Completed in 2002, Building One has been slow to lease due to the sluggish economy. On the bright side, the leases that are in place are locked in for 5.5 to nine years, Noon says. The NetVersant deal leaves one opening--in shell condition. "We're designed to accommodate up to four tenants," he says, adding a few folks have been by to kick the tires, but there isn't a solid contract in hand as yet.
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