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HOUSTON-The Dallas-based Granite Properties is losing a lead tenant, Highlands Insurance Co., with naming rights to a recently acquired, 310,000-sf office building. The insurance company will vacate two floors or roughly 40,000 sf for a 10,480-sf office at a neighboring property in the Westchase submarket.

Scott Martin, Granite’s managing director in Houston, tells GlobeSt.com that the insurance company will exit at the first of the year. The building’s name will be changed to Granite Westchase although naming rights will be available in the future to a large user.

Martin says Granite was aware when it bought 10370 Richmond Ave. that Highlands Insurance was likely to leave. The exit will drag down occupancy to 83%, he says.

The insurance company’s shift to the building next door, 10200 Richmond Ave., was accompanied by a long-term lease. Mike Boehler and Ronnie Deyo, a Staubach Co. team in Houston, negotiated terms for the insurance company while Steve Rocher and Kristen Porter, both with the Houston office of Grubb & Ellis Co., represented the building owner, First Houston Enterprises Inc. Class B product in the Westchase submarket is getting $16.35 per sf on the average.

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