Transwestern Houston executive vice president Eric Anderson represented local developer Dienna Nelson Augustine Co. in the transaction. The quoted rate for DNA Westway Two and Three at 4425 and 4424 W. Sam Houston Parkway N. is $20.50 per sf, triple net. Anderson tells GlobeSt.com that the Vallourec lease fell in the quoted range and included "a healthy TI allowance to build the space up from slab."
Anderson says Vallourec's headquarters will have a ground-floor presence plus has space on the fourth floor and the entire fifth floor. The company will be relocating 1990 Post Oak Blvd. in the Galleria submarket. According to Anderson, the company recently acquired another firm based in the Woodlands and wanted to consolidate both operations. Jones Lang LaSalle's David Bale represented Vallourec, which is joining GE Oil & Gas, a 128,000-sf tenant for the project.
The two preleases push occupancy to 68% for the two-building project, set on 13.5 acres. The 186,300-sf Westway Three is vacant, but Anderson says leasing activity is encouraging for both buildings although there are no more deals pending at this time.
In mid-January, the DNA's first building in the 150-acre Westway Park--the 143,000-sf DNA Westway One--was acquired by Behringer Harvard REIT I Inc. of Dallas. Westway One was 78% occupied at the time of its sale.
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