The two-story, class-B, 59,247-sf office building was built in 1980. Although neither party would disclose the selling price, the building's asking price had been more than $4 million.

Kris Van Norman, Insite's representative, tells GlobeSt.com that his company had liked the characteristics of the submarket. Van Norman says the Energy Corridor submarket location, strong anchor tenancy of Atwood Oceanics and the energy market's strength makes a nice combination for an acquisition. Van Norman says Insite has acquired more than six new buildings in recent years and built in excess of 1.5 million sf of primarily industrial buildings throughout Houston. Additionally, Insite has several developments in Denver.

The building, says Van Norman, will be a value add Insite as it works to increase occupancy from a low 80% to the mid-90%s. Van Norman estimates that it will take about a year to reach the leasing goal. The building is in good condition, says Van Norman, who plans to make only aesthetic improvements such as parking enhancements to the property.