Mark Humphreys Eyeing Galleria Hotel Plan

Part of the 75-member staff has moved into the 65,000-sf building at 5339 Alpha Rd., bought in an early-summer, off-market transaction with an investment group from Emeryville, CA. The rest of the team is coming in mid-October, relocating from two nearby Humphreys-owned buildings totaling 10,000 sf, the well-known architect tells GlobeSt.com. He says the plan is to take the balance of the fourth floor, bumping its total to 16,000 sf or 35% of the structure.

With the relocation plan in place, Humphreys, the firm's CEO, has turned his attention toward gleaning more value from the prized land. "I just think there's demand for hotel in the Galleria area," he says, adding he's crafting the design and looking for a joint venture partner.

Humphreys was in the market at least year in search of an office building investment to double as its headquarters. Grubb & Ellis senior vice president Thomas Clarke says he knew the California investors "would sell if they got the right price." The going rate is $80 per sf for comparable office product in the Galleria neighborhood.

"It was the right price, the right location," confirms Humphreys, who inherited eight long-term tenants with the acquisition. The architectural firm, which will be adding to its local head count, has eight offices in the US with 130 employees. Vanguard Commercial Group Inc. of Dallas has been hired to lease Humphrey's neighboring buildings.