The lease is described as long-term, but the terms are undisclosed. The average asking rental rate for class-A office space Downtown is between $22.35 per sf and $22.75 per sf, according to GlobeSt.com research. However, the office vacancy rate Downtown jumped four points in the past year, from about 9.5% in first-quarter 2001 to just above 13.7% in this year's second quarter, prompting negotiations, brokers tell GlobeSt.com.
Kathie M. Carr, senior vice president of locally based Smith Mack/ONCOR International represented Sunrock in the transaction. Chris Dyer of the local office of New York-based Insignia/ESG represented Leggat McCall.
Sunrock is a provider of asset-based loans to business and has nine offices nationwide.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
