American Towers Marks 12,365-SF Expansion

HOUSTON-American Tower Corp., a Boston-based, publicly traded infrastructure provider for the wireless, Internet and broadcasting industries, has expanded its lease at the Richmond Tower in the Greenway Plaza submarket.

According to county records, the company occupies 8,663 sf and has signed up for another 12,365 sf at the 3411 Richmond location. James Arket of Grubb & Ellis Co.’s Houston office represented American Tower in the transaction. Scott Ison of Axis Property Advisors negotiated the deal for building owner, Richmond Tower Associates.

Built in 1967 and renovated in 1997, the 89,000-sf Richmond Tower’s lead tenants are American Tower and Greystar Corp., Arket tells GlobeSt.com. He says the expansion is an affirmation of the steady activity he is seeing in the Greenway Plaza submarket. According to Arket, there has been a lot of tenant movement in the area due to several consolidations and mergers. According to Grubb & Ellis’s most recent office market report, the Greenway area has about 10.5 million sf, bearing a 9.2% vacancy rate. Standard lease rates for class A product are $22.12 per sf and $18.53 per sf for class B space.