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HOUSTON-The Texas-based Milestone Mortgage makes a lateral move in the Westchase submarket. The firm has signed for 12,442 sf at 10255 Richmond Ave. in a plan to exit 3200 Wilcrest St.

Vince Gyorgy with the Houston office of NAI Partners Commercial represented the tenant, which has Texas offices in Houston, Austin, San Antonio, Clear Lake, Corpus Christi, Coppell, Lake Jackson and New Braunfels.

Steve Rocher and Kristen Porter, a Grubb & Ellis Co. Houston team, negotiated the terms for the building owner, BMS Management. The office is situated in a 101,522-sf, 21-year-old suburban office building acquired in 1997. The four-story building currently is 63% occupied, with a quoted rate of $15.50 per sf.

The Westchase submarket’s third quarter erased the gains made in the second, when all product posted to the positive and vacancy came down a bit. The high-tech submarket’s Q3 reading showed absorption backslid by 99,563 sf to drive up vacancy to 17.08%. In Q2, the submarket had 205,911 sf absorbed and vacancy was 16.48%. The third-quarter rent dropped to $18.64 per sf from $18.82 per sf in Q2.

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