The Palm Tree Group, now leasing an office in the MedicalCenter, bought 12701 Directors Dr. in the Corporate Business Parkin Stafford from the Simpkins Group of Houston, which flipped the6.7-acre property after a seven-month hold. Rob Bryant, Simpkins'executive vice president, says the property was on the market forlease or sale with a $3.4-million ask. The preference, he says, wasto find a tenant since the property was bought as an investment.But then, several sales offers were placed. Palm Tree's was thehighest, he says.

Palm Tree will move in June 25, exiting a leased headquartersoffice in Houston's Medical Center and downsizing a Miami office toa two- to four-member sales team. Pam Wedow, a vice president ofPalm Tree subsidiary, Invatec, says 38 employees--six fromMiami--will be relocated to the just-bought office/warehouse. Inall, the operation is picking up about 20% more space, shesays.

In a press release, Mark Wallis, Palm Tree president and CEO,says move to Fort Bend County will save in excess of $100,000annually in inventory property taxes. The Directors Drive building,constructed in 1994, was built as a regional distribution facilityfor Makita USA Inc., which vacated the region in December 2003 andsold the holding to Simpkins.