X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Allied Waste Industries Inc. has signed a lease for 28,000 sf in Ashford on the Bayou to become the lead tenant the class B, five-story office building. Corporate chiefs have worked out a seven-year lease for a consolidation location.

“My understanding is that they were in two other locations in Houston and this represents a consolidation for them,” says Michael Martin, vice president of PM Realty Group in Houston, who represented the building owner of 1001 Dairy Ashford Rd. Mike Bohler and Bruce Feen with the Staubach Co.’s Houston office represented Allied Waste.

Martin tells GlobeSt.com that Allied will get its keys Oct. 1. In the meantime, renovations are under way on the building as well as the new tenant’s office. “They’re doing a build-out right now,” he says. “We gave them an allowance as part of the deal.” The building’s quoted rate is $17 per sf.

The 128,405-sf building, positioned on 2.5 acres, is 44% occupied, though additional deals for remaining space are pending. Owner RPD Catalyst LLC of Los Angeles is investing resources into the building to help attract more tenants. For previous story, click here.

RPD’s timing seems to be strong. Industry sources point out that though second quarter demand for office space in general has softened, class B properties continue to be strong on an annual basis in terms of overall absorption and occupancy.

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

GlobeSt

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.