With the deal put to bed, the San Diego-based buyer is rampingup a seven-digit renovation to convert the 25-year-oldsingle-tenant building to multi-tenant use, Clint Harrington,executive vice president in the Houston office, tells GlobeSt.com.Equastone's goal is to reposition the 10-story building at 5615High Point Dr. with $18 per sf rent goal for a three-year lease and$19.50 per sf for a five-year deal, he says.

"The bulk of the buildings in the area are solid class Bbuildings," says veteran Phil Baker, owner of Magellan CommercialReal Estate, "and they've seen a recent resurgence in leasing soit's probably a timely acquisition for them." But, he adds, themarket rate for class B stock is $14 per sf so Equastone could befacing a tough battle to reach its rate goals.

Harrington says there are three 100,000-sf prospects alreadyeyeing the lead tenant's spot to claim building naming rights tothe Atrium at Highpoint. The renovation is expected to get underway within five weeks and take nearly nine months to complete, butthe planned work won't stand in the way of re-tenanting thebuilding, he says. "Space is available immediately," hestresses.