Tom Bousquet Jr., Steve Mellon and Steve Kramer of CB Richard Ellis' Houston office along with Greg Nelson of Moody Rambin in Houston represented Amber Jack. McShane Corp. used in-house representation in the deal.
Bousquet tells GlobeSt.com that this structure is the best, class B office building in Park 10. He says Amber Jack took an older building--constructed in 1983--and "turned it into a brand new building." The renovations started in 2000. Bousquet says the building has undergone an exterior redo, including a new roof and upgrades to the mechanical system and common areas.
According to Bousquet, the west Houston market has been absorbing space rapidly. With virtually no class A space available in the area, there has been a noticeable increase in the demand for class B product, he contends. Bousquet points to the rapid growth of master-planned communities such as Cinco Ranch, which recently held the weekly title for most home sales in Houston.
Bousquet is quick to point out Park 10 is the nearest office space to Cinco Ranch and a high-growth area for new home sales. Park 10 is the first and only office area that can service the needs of the nearby neighborhoods, he says. It's these elements, he says, that have created investor speculation and interest in the area.
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