The six-story One Northwest Centre is 98% occupied and theeight-story One Northwind Plaza, 86% occupied. The portfolio hasbeen purchased from Archon Financial., which has been representedby the Grubb & Ellis Co.
Houston's improving office market is giving the city more lusterin the eyes of investors. The citywide office vacancy rate inHouston has dropped to 11.7% in this year's second quarter, downfrom 12.1% in second quarter 1999, according to the Trione &Gordon real estate brokerage firm. The citywide average rental ratehas risen to $17.99 per sf in the second quarter, up from $16.42 inthe 1999 comparable period.
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