X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BEAUMONT, TX-Lexington Realty Trust has awarded the leasing assignment of its 425,198-sf Edison Plaza to Capstar Commercial Real Estate Services. Capstar has been charged with filling up and stabilizing the class A building, which is home to Chicago Bridge & Iron Co. N.V. and Entergy Corp.

Property One Inc. of Beaumont had the leasing assignment for the building at 350 Pine St., and according to Capstar Commercial Houston office vice president Brian McMackin, the company did a great job in securing long-term leases with Chicago Bridge & Iron and Entergy. “I think Lexington’s idea behind engaging Capstar had to do with wanting a company out of Houston,” says McMackin, who is working with Capstar vice president Clint Bawcom on the assignment.

McMackin tells GlobeSt.com that close to 114,000 sf of the early 1908s building is vacant, leaving a 73% occupancy. Entergy has five floors; Chicago Bridge & Iron has four, with 75,000 sf of contiguous space currently available along with other parcels. The lease asking rate is $15.50 per sf, net. McMackin says the building is ideally positioned to take advantage of Beaumont’s downtown district, as well as the city’s waterfront. “There’s been a tremendous amount of investment in the Port of Beaumont,” he says. “The city is also working on an active downtown.”

He says that Lexington is interested in “spiffing up” Edison Plaza. To that end, the New York City building owner has teamed with Houston architect Ziegler Cooper Architects to develop some upgrade ideas, though a major renovation isn’t necessarily in the cards.

“This is such a prominent feature on the Beaumont skyline. One thing we think it needs is uplighting at night, so people can see it, whether they’re coming up the river or coming down I-10,” McMackin says.

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?

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.