The assignment for Petroleum Towers, two buildings totaling 234,342-sf, and the three-building North Star Plaza, totaling 109,844 sf, came from their owner, R.M. Crowe Co., a Dallas-based real estate investment company. Transwestern brokers Krista Upham and Kevin Roberts, executive vice president of Transwestern in San Antonio, are handling the buildings.
Petroleum Towers, situated in San Antonio's north central submarket, was vacated by Tesoro Oil Co., when it moved to a new headquarters building at 300 Concord Plaza Dr. North Star Plaza also is in the north central submarket.
Roberts said available space ranges from 700 sf to 120,000 sf and includes contiguous blocks of 78,000 sf and 45,000 sf. A tenant leasing either block will gets its name on the building, Roberts said. The word Tesoro is emblazoned on one building and the word Petroleum on the other.
The San Antonio office market slowed in 2001 with the citywide vacancy rate rising to 14.1% from 11.9% in 2000. For 2001, negative absorption was 276,036 sf compared to net absorption of 741,152 sf in 2000.
Crowe acquired the San Antonio buildings in 1997 and they are its only Alamo City properties. The company, which owns and operates 4.5 million sf of commercial property in Texas and Colorado, specializes in buildings that need money, management and marketing supervision and those offering prospects of long-term appreciation. The second category includes buildings that perform below market due to physical or management problems, weak sponsorship or gaps between existing rents and street rents. The contract takes Transwestern to leasing or managing 3.5 million sf in San Antonio.
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