Ron Smulcer, chief of operations for First Continental Mortgage, tells GlobeSt.com that the Town & Country address, where it's spent the last decade, can't accommodate the firm's growth. The Westchase building offered the chance to get the staff on one floor. The tenant's representative, Tommy Alexander, first vice president in the Houston office of CB Richard Ellis Inc., says the other selling point is that street-level office in the 148,000-sf, six-story structure was sitting in slab condition and able to be customized for the mortgage company.
Smulcer says the building owner's team, Hines, played aggressively to beat out the other competitor vying for the win. Paula Bruns with Hines represented the building owner, Reifpark Corp., which now has a 93% occupancy in the structure. Class A office space in Westchase is bringing $21.17 per sf on the average.
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.
