Jerry Momper, with the Staubach Co., says the move was caused by significant for the past local and international growth of the company. He and Petty Momper-Duncan represented Rouse in the lease at the building, owned by Hertz Investment Group. "They're leasing a full floor at the 420,000-sf building," Momper says.
He says he can't divulge the term or price of the lease, but says class A office space in Downtown is leasing for an average of $20 per sf, gross. The local market is stable, he says. "Office vacancies in class A space are a little under 10%, and overall about 13% to 14%," Momper says. "There's only been one new building built in the Downtown in the past 14 years, at 300 Broadway. There's just been a lot of shifting around, just like this." Most of the growth is coming in the I-71 Corridor and Westchester suburb, he says.
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