Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A 76,000-sf lease has brought a new anchor and a new name, Gulf Plaza, to the 119,000-sf Barker’s Landing in Houston’s premier Energy Corridor.

The naming rights went to Houston-based Gulf Interstate Engineering, which signed a seven-year lease for floors three through six at 16010 Barkers Point Lane, Eric Anderson, senior vice president at Houston-based Transwestern Commercial Services, tells GlobeSt.com. The Philadelphia-based Cigna Corp. and Chicago-headquartered Transwestern Investment Co. own the building in a 50-50 arrangement.

Anderson says Gulf Interstate, now in the Galleria submarket, looked at several buildings before deciding on the Barkers Point Lane property. He says the West Houston submarket held seven options for that amount of contiguous space, four of which were sublease opportunities.

At the 2002 close, two tenants vacated about 75,000 sf in the Transwestern-Cigna property. The exits resulted in the owners spending $200,000 to $250,000 to renovate the lobby, entranceways and elevators and take the building’s label to class A. The renovation work wraps up May 1, the effective move-in date for Gulf Interstate.

“The cumulative deal brought the occupancy at the building to 92% leased,” Anderson said in a press release. “Gulf Interstate indicated that the quality of the project and current renovations, coupled with the Energy Corridor locations, were the key factors in their choice.”

Anderson and Greg Tilton, also Transwestern’s Houston office, represented the building owner in the lease negotiations. Craig Beyer and Lance McCarthey, both with Trione & Gordon ONCOR International in Houston, bargained the terms for the tenant.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.