Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Parkway Properties, a Jackson, MS-based REIT, has turned over leasing duties for 1.6 million sf in 10 buildings to Jones Lang LaSalle’s Houston office for the Gulf Coast region.

The assignment represents the majority of the REIT’s Houston holdings and consists of class A and B properties, Clint Harrington, Jones Lang LaSalle’s vice president and regional manager, tells GlobeSt.com. He credits Beverly Burke, who joined the brokerage firm last April, with opening the door to Parkway. Burke is a 20-year veteran of Houston’s commercial real estate market.

The assignment is fully leased save for the 197,048-sf Comerica Bank Building, located at 1 Sugar Creek Center Blvd., and the 108,999-sf Woodbranch Building at 12012 Wickchester Lane. Comerica is 89% leased and Woodbranch, 91%.

The largest structure in the assignment is the 339,592-sf One Commerce Green Building, situated at 515 Greens Rd. The package also includes the 222,793-sf 400 N. Sam Houston Parkway, 400 N. Sam Houston Parkway; 164,676-sf One Park Ten Plaza, 16225 Park 10 Place; 148,175-sf South Building, 1250 W. Sam Houston Parkway; 144,599-sf Schlumberger Building, 1325 S. Dairy Ashford St.; 123,371-sf Four Sugar Grove, 4800 Sugar Grove Blvd.; 90,390-sf PGS Tensor Building, 10550 Richmond Ave.; and 58,511-sf Ashford Place, 950 Threadneedle.

Harrington says Jones Lang LaSalle expertise will be needed over the long run with the course of the lease rollovers, even though the package now boasts a high occupancy. “Our market knowledge and leadership allows us to consistently reach our goal, which is to negotiate the best leases possible for our clients,” he says.

Harrington says the value and caliber of the buildings are indicative of the Houston office’s assignments, which includes the 1.2 million-sf management contract for 2700 Post Oak, Post Oak Tower and the Galleria Financial Center, all owned by Chicago-based Walton Street. Jones Lang LaSalle also handles leasing and management for the 800,000-sf 1301 Fannin, a 90%-occupied CBD high-rise. Harrington says construction is due to start at Fannin, where 122,000 sf of parking area will be swapped out for office space. The conversion will offer 60,000-sf floor plates on two levels of the parking facility says Harrington.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.