SBM-Imodco Inc. is taking 90,663 sf of the 171,090-sf, lakefront building, with the balance going to Atlantia Offshore Ltd. The firms are subsidiaries of Holland-based IHC Caland Group, a multi-faceted supplier of drilling vessels, drilling rigs, offshore cranes and other equipment to the offshore oil and gas, dredging and maritime industries.
The class A office building at 1255 Enclave held the largest blocks of direct space available in the Enclave, a park-like corporate landing ground nestled in a submarket with a vacancy rate of just 9.5% in its 14.5-million-sf inventory, according to Trione & Gordon of Houston.
Atlantia Offshore will relocate from the Galleria submarket while SBM-Imodco will move from the Park Ten submarket. Both firms reportedly will gain extra space with the moves. Terms of the long-term leases were not made public, but the corridor's class A space is fetching an average of $24.79 per sf, Trione & Gordon says.
The inbound tenants apparently were individually shopping the market when the pitch was made for the Enclave on the Lake. "They did not have to go to the same building, but they chose to go to the same building," Brad Sinclair, senior vice president with Houston-based Transwestern Commercial Services, tells GlobeSt.com. That mutual decision gave Transwestern bragging rights that it took an empty building from "zero to 100%" within eight months of taking over the leasing assignment.
Developed in 1999 by Simmons, Vedder & Co., the six-story office building and three-story parking garage are positioned in a wooded setting surrounded by jogging trails and a 360-degree view of a nearby lake. The site is located close to Interstate 10 and a mix of shopping, restaurants and hotels.
David Price of Strategis-CRESA represented Atlantia Offshore Ltd. and Bill Ingram of the Ingram Cos. handled talks for SBM-Imodco Inc. Sinclair, along with Eric Anderson, also with Transwestern Commercial Services, and Matt Greer with Simmons, Vedder & Co. represented the building owner, a joint venture between the Houston-based developer and INVESCO Realty Advisors, part of the Denver-based INVESCO Funds Group.
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