Westchase Office Leases Show Need for Value

HOUSTON—PMRG represented Zenith Real Estate Group in the signing of 24 new leases totaling more than 230,000 square feet in the class-B Westchase submarket during the past 24 months. A recent example is the approximately 100,000-square-foot lease with Neighbors Health LLC that PMRG secured at Richmond Park Westchase located at 10800 Richmond Ave.

“Transactions such as the Neighbors deal show that large users are looking for quality and value in today's marketplace,” says PMRG's Marci Phillips.

Houston-based Neighbors Health LLC relocated its existing corporate headquarters and centralized local operations to Richmond Park Westchase, a five-story 98,088-square-foot office building operated by Zenith Real Estate Services Inc. Zenith and Neighbors Health worked together to renovate the property which includes the tenant's own design features. Some of the updates include a lobby renovation, an employee gym and a training area designed to simulate one of the Neighbors emergency centers.

PMRG's vice presidents Michael Sieger and Phillips represented the landlord and Colliers International's Chadd Bolding, Jay Kyle and Bob Parsley represented the tenant in the transaction.

“Over the last couple of years, Zenith has taken a systematic approach to improving their real estate holdings. That commitment has proven to create a significant advantage in today's marketplace, despite the overall downturn that is being seen across the city during the same time span,” says Sieger.

GlobeSt.com learns Richmond Park Westchase was built in 1980 on a lot size of nearly 5 acres (4.97) with a maximum contiguous layout of 99,087 square feet. A typical floor size is 21,342 square feet. There are 222 free covered parking spaces and 46 free surface spaces available for a ratio of 4/1,000.

HOUSTON—PMRG represented Zenith Real Estate Group in the signing of 24 new leases totaling more than 230,000 square feet in the class-B Westchase submarket during the past 24 months. A recent example is the approximately 100,000-square-foot lease with Neighbors Health LLC that PMRG secured at Richmond Park Westchase located at 10800 Richmond Ave.

“Transactions such as the Neighbors deal show that large users are looking for quality and value in today's marketplace,” says PMRG's Marci Phillips.

Houston-based Neighbors Health LLC relocated its existing corporate headquarters and centralized local operations to Richmond Park Westchase, a five-story 98,088-square-foot office building operated by Zenith Real Estate Services Inc. Zenith and Neighbors Health worked together to renovate the property which includes the tenant's own design features. Some of the updates include a lobby renovation, an employee gym and a training area designed to simulate one of the Neighbors emergency centers.

PMRG's vice presidents Michael Sieger and Phillips represented the landlord and Colliers International's Chadd Bolding, Jay Kyle and Bob Parsley represented the tenant in the transaction.

“Over the last couple of years, Zenith has taken a systematic approach to improving their real estate holdings. That commitment has proven to create a significant advantage in today's marketplace, despite the overall downturn that is being seen across the city during the same time span,” says Sieger.

GlobeSt.com learns Richmond Park Westchase was built in 1980 on a lot size of nearly 5 acres (4.97) with a maximum contiguous layout of 99,087 square feet. A typical floor size is 21,342 square feet. There are 222 free covered parking spaces and 46 free surface spaces available for a ratio of 4/1,000.