HOUSTON-Toyota Motor Credit will help backfill a 70,000-sf hole left when the local office of the Hartford left Paragon Center One in the Greenspoint submarket in winter 2002.

Set to move soon from space at Greenspoint Plaza, a Hines development, into a 7,000-sf office space at Paragon Center, Toyota has made a five-year commitment to its new office building. Greg Tilton with the local office of Transwestern Commercial Services was the in-house representative for the building owner, Transwestern CG Partners I LP of Chicago. Tilton tells GlobeSt.com that Toyota’s lease takes occupancy in the building to 71% and reports that half or 35,000 sf of the Hartford’s former space has now been backfilled. Including Toyota, Tilton says he completed seven deals since the Hartford left.

Built in 1983, Paragon Center is a 180,278-sf, class A building located at 450 Gears Rd. in north Houston. Asking lease rates at the building are $20.50 per sf, which Tilton says is about $5 per sf less than its other class A competitors in the submarket. This gives the building a definite advantage, says Tilton, adding that at lease two recent leases–in addition to the Toyota deal–involved tenants migrating from one of the submarket’s other class A buildings.

Toyota had Bob Parsley of the local office of Colliers International and Wade Clark with the local office of the Staubach Co. as its representatives.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.