Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-New York City-based United States Aviation Underwriters has leased 3,301 sf at 2900 Wilcrest Dr. US Aviation Underwriters has another Houston office in Two Allen Center on Smith Street in the CBD.

Philip Price with the Houston office of Cushman & Wakefield of Texas Inc. represented the tenant in the lease talks. The firm provides insurance policies for owners, operators, manufacturers and maintainers of private, corporate and commercial aircraft.

Zenith Properties of Houston owns the 119,000-sf, 20-year-old office building in the Westchase submarket. Ace Schlameus and Jay Kyle, both with the Houston office of Grubb & Ellis Co., handled Zenith’s side of the negotiations. Zenith’s local portfolio consists of the 90,218-sf 10500 Richmond Ave. building; a 92,539-sf office building at 11111 Richmond Ave.; and the 32,000-sf 5900 Memorial Dr. building.

The Westchase submarket contains about 9.4 million sf of office product, according to Grubb & Ellis. It is shouldering a 26.4% vacancy, with negative absorption of 108,045 sf being recorded in Q1. The class A rent averages $22.24 per sf and class B, $17.39 per sf.

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.