Phoenix Tower Adds Two Tenants

HOUSTON-Two unrelated businesses are settling into Phoenix Tower after giving up their class A office space at 5 Greenway Plaza so Occidental Oil & Gas Corp. could expand in Houston.

Idea Integration moved into 15,245 sf and NJB Management Inc. took over 7,736 sf in the 34-story, class A Phoenix Tower at 3200 Southwest Freeway. Idea Integration’s lease was bought out and NJB Management’s was up for renewal when Occidental made a play for their Greenway Plaza spaces, with both outbound tenants getting rates competitively priced for today’s office market. As previously reported by GlobeSt.com, Occidental Oil & Gas got an extra 40,000 sf to take its total to 237,000 sf.

Idea Integration, an e-business integrations solutions provider from Jacksonville, FL, moved in under a five-year lease negotiated by the Transwestern Commercial Services team of Rob Neblett, managing director, and Paul Wittorf, associate. The Houston-based Hines Interests’ office tower beat out other office buildings in the submarket because the management staff “could respond quickly to their (the tenant’s) needs,” Wittorf says.

NJB Management’s broker, J.W. “Jay” Wall III, vice president of Equis Realty Corp.’s Houston office, negotiated a seven-year lease with economics that were “compelling.” The management firm is an outsourcing service for independent attorneys.

Chrissy Wilson, Hines’ leasing representative for Phoenix Tower, says the two deals pushed occupancy to 80% in the 34-story, 619,000-sf structure. Meanwhile, Morgan Stanley Dean Witter, an original tenant in the 19-year-old building, renewed a 14,397-sf lease. Sherry Robins of the Robins Co. in Houston represented the financial services firm. The high-rise’s quoted rate ranges from $17 per sf to $19.50 per sf.