Tenant representative Chip Horne, director with Cushman & Wakefield of Texas Inc. says the Houston Police Department liked the more than 30-year-old building at 7125 Ardmore St. for two reasons. First, it is a stand-alone facility, a definite change from the multitenant building in which it is currently located. In addition, "there was an abundance of surface parking," Horne tells GlobeSt.com "They have vehicles there, all hours of the day and night and needed a lot of space."
Horne goes on to say that the building was in slab condition, meaning the space could be redefined to fit the needs of the division. "This'll be a more efficient utilization of space for them," Horne remarks.
Colliers International Houston office's co-chairman and principal Charles Herder, who represented the landlord in the negotiations, stated in a press release that the deal represents the completion of redevelopment "of what was once a major manufacturing/office complex for a division of Baker Hughes." Though financial terms of the lease weren't disclosed, the quoted lease rate for the facility was $20 per square foot, gross.
Colliers' senior vice president Jay Kyle tells GlobeSt.com that the current owner obtained the vintage office building as part of a larger portfolio acquisition in 2003. "The building sat vacant for years, and the owners decided to rehab it," says Kyle, who worked with Herder to structure the lease agreement. "It ended up with basically new everything. We'd had it on the market for some time, when the HPD came in. They're literally the perfect client."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
