"This is an opportunity for them to really achieve some efficiencies in their space, because they can design it from new. They'll have building signage, which was attractive, and will have expansion options in the building, should they need it," comments Colliers International's vice president Stanley H. Voekel II, who teamed with Colliers co-chairman and principal Robert S. Parsley on behalf of the tenant.
Voekel tells GlobeSt.com that Goodrich Petroleum's current location at the Esperson Building, also in the CBD at 808 Travis St., measures approximately 30,000 square feet. "They'd been there for about 10 years, and had grown substantially from when they moved in," he explains. Goodrich Petroleum will relocate to its new space in September.
The Goodrich Petroleum lease brings the building, once known as 700 Rusk, to 45% occupancy. Colliers International principal Jay Kyle, who has the asset's marketing assignment, tells GlobeSt.com that building owner TPMC Realty Corp. has put a great deal of money into gutting, then renovating the 1979 CBD building. The building was once home to Shell Oil Corp., but in recent years, had fallen on some tough times.
However, Kyle points out that the renovation, complete with new common interiors, lobby, elevators, mechanical systems and façade, is attracting a lot of interest. So is the $25 per square foot quoted asking rate.
"With the building remodel, everything's like new," Kyle remarks. "It's a great location, a great value, right on the main (underground retail) tunnel and wedged between the Shell and Pennzoil buildings. Now that the renovation is pretty well completed, we've had a lot of activity, with pending deals."
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