Powell Industries quietly negotiated and filed away thelong-term lease for a vacant building on the former Texas Gencocampus while working out details to the $32-million acquisition ofthe medium-voltage ANSI switchgear product line and related assetsfrom GE Consumer & Industrial of Louisville, KY. John Ferruzzo,principal with NAI Houston, tells GlobeSt.com that the fast-pacedsearch landed at 12301 Kurland Dr. because it was one of just a fewopenings of its size in the five-mile search area dictated byPowell Industries' headquarters at 8550 Mosely Dr. "It fit theiroperations better than anything out there," he says.

In addition to location, Ferruzzo says the publicly tradedcompany wanted a class A building with plenty of office space.Powell Industries is adding 10,000 sf to 15,000 sf of office spaceto the 19,000-sf component and keeping the balance as warehouse.When the work's done, it will have a corporate headquarters' flairto accommodate the inbound GE team.

Ferruzzo says the office/warehouse was on the market at amonthly rate of 33.4 cents per sf industrial gross. The deal closedfor close to the ask, he says.