The new conditions kick in Saturday for the authority's piece of 6800 Burleson Rd., says Greg Johnson, vice president in Austin for Houston-based Transwestern Commercial Services. "It really was a tenant accommodation issue," he tells GlobeSt.com. "It was a very simple transaction."
The authority lease, with two years to go on the original term, went full circle in three months, according to Johnson. The deal cut occupancy to 75% in the 274,231-sf flex building, but talks are under way with a 30,000-sf user to bump it to 85%, he says.
The class A flex building is owned by SM Brell II LP, an asset management group in California on behalf of a partnership led by KBS Realty Advisors in Newport Beach, CA. The office space is quoted at $15 per sf, full service. Four tenants, predominately government agencies, occupy the office space. The industrial component is marking its fourth year at 100%, leased in its entirety to a printing company holding a 10-year contract.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.