Coy Davidson, vice president in the Houston office of Colliers International, tells GlobeSt.com that the five-year tenant signed a medium-term renewal for the Gulf Freeway/Pasadena area after seriously considering a move to the Westchase submarket. But, he says, the Houston firm's executives re-upped because the existing office was viewed as the most convenient for employees.
Davidson says Davis Penn Mortgage, a HUD-approved lender specializing in financing multifamily projects, re-upped about six months early for the office in the 88,811-sf building, owned by BGK Management. The building owner used in-house broker, Pete Mehlert, to package its terms. The building's quoted rate ranges from $18 per sf to $19 per sf.
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