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Levcor, USAA Teaming for 1001 McKinney; Leasing Hits 70%

HOUSTON-San Antonio-based USAA has bought into Levcor's redeveloped 1001 McKinney, inking a joint venture pact just as the building reaches 70% occupancy. Full lease-up is predicted by year-end.

By Jennifer Brenner Andrade | Updated on May 16, 2001

HOUSTON-USAA Real Estate Co. and Levcor Inc. are partnering to own and manage 1001 McKinney, a 371,857-sf redeveloped office building in the CBD. The deal has been sealed with the creation of 1001 McKinney Venture LP. Levcor acquired 1001 McKinney in 1998, undertaking an extensive renovation a year later. Grubb & Ellis Co.’s Houston office holds the leasing pact for the 54-year-old national historic landmark building.

Grubb & Ellis senior vice president Mark Preston tells GlobeSt.com the building is particularly appealing to medium-size companies. He says the building is filling up quickly, attracting the likes of Sanchez Oil & Gas Corp., SalvageSale.com, Zilkha Energy Co. and Franklin, Cardwell, Jones. Contour Energy Co. recently signed a 27,167-sf pact. Preston, who negotiated the deal, says it takes occupancy to 70%.

Preston says the building’s scale is manageable relative to the tenants. He cites law firms, investment management companies, intermediate energy firms and some tech companies as the target market. The building’s size combined with its classic, high-end look gives smaller users more stature than they would have in a larger, less personable building, he says. Preston and the Grubb & Ellis team began the leasing assignment in third quarter 2000.

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