10-Year Tenants Hold Galleria Spaces

HOUSTON-A group of attorneys and CPAs plus a personnel firm have renewed leases in Galleria office buildings. In each case, the building owners had to get competitive to retain their tenants.

Martin & Cannon, an office of attorneys and CPAs, re-upped an 8,177-sf lease at 6363 Woodway Dr. Randy Wilhelm in the Houston office of NAI Partners Commercial represented the tenant. Brad Lynch of the locally based Moody Rambin Interests negotiated terms for the building owner, Macfarlan Real Estate Investment Management Co. in Dallas. Wilhelm tells GlobeSt.com that the 10-year tenant signed a medium-term renewal after an extensive search of available office property in the 31.8-million-sf Galleria submarket. The renewal, he says, was the best deal in terms of economics. The 198,428-sf office building is 92% occupied. The quoted rent ranges from $18 per sf to $19 per sf.