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Below-Asking Rate Helps Land 137,000-SF Lease

HOUSTON-Aon Corp. will relocate within the Galleria submarket, adding roughly 37,000 sf and snagging below-asking rates in doing so, says the tenant's broker. Trammell Crow says it didn't go below market rates to get the tenant to sign for the last large chunk of office space in the 1.75 million-sf Four Oaks Place.

By Jennifer Brenner Andrade | Updated on October 09, 2001

HOUSTON-The dry Galleria submarket gets some needed relief, with Chicago-based Aon Corp. committing to 137,000 sf at Four Oaks Place, a class A office building at 1330 Post Oak Blvd. in Houston.

Aon owns a family of businesses including insurance brokerage, consulting and insurance underwriting subsidiaries. Peter Aberg and Michael Caffey, both of Jones Lang LaSalle in Dallas, represented Aon in the building selection and lease negotiations. Patrick Hicks, principal with Dallas-based Trammell Crow Co.’s Houston team, negotiated for building owner, Lehndorff Four Oaks Place JV.

Caffey says Aon is taking the keys to the last large chunk of office space in the 1.75 million-sf office complex. The deal, say the brokers, is a surefire spark for the submarket’s economy even though the inked pact carries below-asking rates, a major selling factor. It was, says Caffey, “a value-driven real estate decision.”

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