HOUSTON-Following a months-long search for a consolidation site, Deloitte & Touche USA LLP has decided to take down 300,000 sf of class A space in the CBD’s 1.15 million-sf Heritage Plaza. The 12-year, 10-floor lease, completed in a direct deal between Deloitte and the building owner, Goddard Investment Group, will commence in late 2008.

Specific terms of the lease were not released for the building at 1111 Bagby St., but the Downtown’s average class A rate is $26.23 per sf. The deal puts Heritage Plaza at 85% occupancy.

Stephen W. DeVinney, principal with Atlanta-based Goddard, says Deloitte has leased already-vacant space so the deal doesn’t require any restacking. Heritage Plaza’s occupancy was 60% prior to Deloitte’s signing.

DeVinney adds there are more deals on the horizon. “We have several current prospects and numerous existing tenants seeking to expand,” he says.

A Deloitte spokesman tells GlobeSt.com the local team has known for awhile that more space would be needed. He says the exhaustive search focused on six or seven properties. Heritage Plaza was selected because it offered contiguous space, the spokesman says.

Deloitte currently occupies 140,000 sf at Three Allen Center at 1200 Smith St. in the Downtown and more than 40,000 square feet in Williams Tower at 2800 Post Oak Blvd. in the near west submarket. The Deloitte spokesman says the move will coincide with lease expirations at both locations.

Atlanta, GA-based Goddard Investment Group acquired the 1980s-built Heritage Plaza for $114 million in 2005. Since then, it has renovated all common areas.

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