HOUSTON-GEMSA Loan Services LP, a newly formed loan servicing partnership between L.J. Melody & Co. and GE Capital Real Estate, has leased 35,000 sf at 1500 City West Blvd. The pact takes the class B building to 88% occupancy.

Ron McWherter of the Houston office of CB Richard Ellis represented GEMSA. Drew Lewis of NAI Partners Commercial handled talks for the building owner, Griffin/Juban.

McWherter tells GlobeSt.com that G.E. Capital Real Estate moved from a 25,000-sf office at 363 North Belt while L.J. Melody just transferred certain personnel to the new location. McWherter says the location results from a mutual decision of employees and executives.

On the Houston commercial real estate market, McWherter says, “Post 9/11 and a continued national recession has slowed growth from the past four to five years and the Enron debacle has caused people to think a major market shift is imminent. I think we will have a more tenant driven market, but our vacancy will not reach the level of the mid-80s downturn.”

McWherter adds he doesn’t “foresee deep discounting to fill space, but there will be a significant economic opportunities (when compared to 2000) for bigger users of office space.” Energy, he is quick to point out, remains strong driver in the marketplace.

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