X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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

GlobeSt

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.