After several months of negotiations, Triple Net hired Greg Tilton and Eric Anderson, both in the Houston office of Transwestern Commercial Services, to oversee leasing of the five-story, twin office buildings. Triple Net, which manages the asset, acquired the duet a year ago from the Woodlands Operating Co.
The Woodlands retreated from leasing to "focus on the forward development of class A office, retail and multifamily developments," says Dan Leverett, the Woodlands' vice president of the commercial division. The new team is getting a fully leased building in Parkwood II and a 15,000-sf vacancy in Parkwood I.
Entergy Enterprises occupies 76,186 sf of the 95,973-sf Parkwood II at 10055 Grogan's Mill Rd. The balance of the 10-year-old structure is leased to Technology Partners. The lead tenant's lease is locked in through December 2006, Tilton tells GlobeSt.com.
Built in 1983, the 100,155-sf Parkwood I at 10077 Grogan's Mill Rd. has 15 tenants, with MGL Consulting as the lead with 20,796 sf. Tilton is negotiating with two tenants to fill 8,000 sf of the building's 15,000-sf vacancy. One prospect is a mortgage company that's eyeing 4,000 sf on the first floor.
The class A office space is being quoted at $20 per sf in a building with averages of 5,000 sf per tenant and four-year terms. The rate, he says, makes it an affordable class A alternative in a submarket where competitors are charging about $25 per sf.
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