Capstar Commercial received the leasing assignment from the buildings' owner Ellman Cos. of Phoenix. Ellman, which is in acquisition mode, acquired the assets in late 2007. Moody Rambin Interests Inc. of Houston had the leasing assignment prior to Ellman's acquisition.
Clint Bawcom, vice president with Capstar Commercial's Houston office tells GlobeSt.com that 1001 W. Loop South is 91% occupied, but 56,000-sf of contiguous space will become available in late January 2008 with AT&T Inc.'s departure. He says the other building is a shade less than 80% occupied. "There's no considerable roll in either building, other than some small spaces here and there," he notes. Bawcom adds that the new owners will make some improvements to both buildings, which were built in the late 1970s. Lease rates in the Galleria submarket are approximately $28 per sf, net.
Capstar Commercial obtained this most recent assignment just weeks after taking on leasing for the 327,325-sf class A office building at 15375 Memorial Dr. The increasing number of assignments has prompted Capstar Commercial's management to hire J.P. Hutcheson, formerly with Lincoln Property Co., as leasing manager. The growth also prompted Capstar Commercial's recent move from 5847 San Felipe St. to 2,000 sf at Five Post Oak Park at 4400 Post Oak Pkwy. "We retailed the leasing on that building and decided to make our permanent office there," Bawcom comments.
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