The assignment represents the majority of the REIT's Houston holdings and consists of class A and B properties, Clint Harrington, Jones Lang LaSalle's vice president and regional manager, tells GlobeSt.com. He credits Beverly Burke, who joined the brokerage firm last April, with opening the door to Parkway. Burke is a 20-year veteran of Houston's commercial real estate market.
The assignment is fully leased save for the 197,048-sf Comerica Bank Building, located at 1 Sugar Creek Center Blvd., and the 108,999-sf Woodbranch Building at 12012 Wickchester Lane. Comerica is 89% leased and Woodbranch, 91%.
The largest structure in the assignment is the 339,592-sf One Commerce Green Building, situated at 515 Greens Rd. The package also includes the 222,793-sf 400 N. Sam Houston Parkway, 400 N. Sam Houston Parkway; 164,676-sf One Park Ten Plaza, 16225 Park 10 Place; 148,175-sf South Building, 1250 W. Sam Houston Parkway; 144,599-sf Schlumberger Building, 1325 S. Dairy Ashford St.; 123,371-sf Four Sugar Grove, 4800 Sugar Grove Blvd.; 90,390-sf PGS Tensor Building, 10550 Richmond Ave.; and 58,511-sf Ashford Place, 950 Threadneedle.
Harrington says Jones Lang LaSalle expertise will be needed over the long run with the course of the lease rollovers, even though the package now boasts a high occupancy. "Our market knowledge and leadership allows us to consistently reach our goal, which is to negotiate the best leases possible for our clients," he says.
Harrington says the value and caliber of the buildings are indicative of the Houston office's assignments, which includes the 1.2 million-sf management contract for 2700 Post Oak, Post Oak Tower and the Galleria Financial Center, all owned by Chicago-based Walton Street. Jones Lang LaSalle also handles leasing and management for the 800,000-sf 1301 Fannin, a 90%-occupied CBD high-rise. Harrington says construction is due to start at Fannin, where 122,000 sf of parking area will be swapped out for office space. The conversion will offer 60,000-sf floor plates on two levels of the parking facility says Harrington.
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