Crown Castle International Corp. took the 1220 Augusta Dr. deed from a local partnership, with one of its members planning to remain as a tenant in the building. Jay Kyle, vice president of office leasing with Colliers International's Houston office, says 1220 Augusta Partners LP decided it was time to sell after owning the building five years. "This was just the right time for both and both felt it was a fair deal," he adds.
Crown Castle is located nearby at 510 Bering Dr., but needed more space, according to Kyle. He tells GlobeSt.com that the new owner intends to occupy 30,000 sf of the 65%-leased building, bumping occupancy to 95%. The move-in will start later this summer.
Kyle says the lease roll for the asset is solid for several years. Other tenants are Arena Power Co., Black Jack Resources Inc., Grimes Energy Co. Sandalwood Oil & Gas Inc. and the Houston Symphony Orchestra's development office. "Crown will maybe make some minor upgrades, but overall it was in good shape," Kyle adds.
Robert S. Parsley, co-chairman and principal with Colliers, worked with Kyle on the sale. Colliers' Christopher D. Winters, principal and director of investments represented, Crown Castle. With the ownership change, Kyle and Colliers' associate Walker Ryan have held onto the leasing assignment.
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