The move comes nearly one year after Unocal's acquisition and restructuring. Available for sublease is the nearly vacant One Sugar Creek Place at 14141 Southwest Freeway. The sublease rate and tenant-improvement allowance aren't being released, but the average for the Westchase-Sugar Land area is $21.76 per sf to $23.11 per sf. Meanwhile, occupancy hovers 92%.
Experts say large blocks of office space in submarkets with an 8% vacancy or less tend to be a rare breed. "This is the largest block of contiguous space outside the CBD," says Steve Hesse, executive vice president in Houston for CB Richard Ellis Co., which is leading the marketing charge to sublease the building.
Unocal's lease is in place until March 2010. "We're trying to backfill through a sublease or find someone who wants a longer-term arrangement and then structure a deal through the ownership," Hesse tells GlobeSt.com. He's not willing to estimate how long it will take to fill the building, but says there's been a fair amount of interest and activity so far. He's also not detailing if it's one tenant or several eyeballing the campus.
"We're contacting the big engineering and energy companies," Hesse says. "The oil companies that are growing, all those folks who are looking at expanding their campuses, that might need swing space."
The building rose in 1983 on a 15-acre tract. It's owned by the Beverly Hills, CA-headquartered Unilev Capital Corp.
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