Centre One, situated on 3.3 acres at 9800 Centre Pkwy., was 99%leased at sale time to Pacifica Cos. LLC of San Diego. According toRudy Hubbard, managing director of Transwestern's Houston office,there is no significant lease roll until 2011.

"Rental rates there are below market. When renewals begin, thereshould be a nice pop," says Hubbard, who partnered withTranswestern managing director Eric Johnson and associate LeahGallagher to broker the transaction between Phoenix Life InsuranceCo. and Pacifica. The buyer also got a 3.3-acre surface parking lotright across the street. Hubbard says that, to his knowledge,Pacifica has no plans to do anything with the land at thistime.

Hubbard tells GlobeSt.com that Phoenix Life Insurance opted tosell the asset because it had reached its stabilization goal.Centre One was introduced to the market about one year ago and wasunder contract until one of the main tenants, Howe Baker EngineersLtd., announced plans to relocate to the Galleria as part of aconsolidation.