Charles Gordon, executive vice president of CBRE/Trione & Gordon, tells GlobeSt.com that the firm went through "the normal process" of looking at the market's options, but the partners' consensus was the 35-year-old firm had always been a downtown law firm and they wanted to retain that image. About 60 of the 100 attorneys office in Houston and the balance in Atlanta.
Gordon says the access to full-service amenities like the Metropolitan Business Sports Club, numerous restaurants and available parking in the 3.1-million-sf Allen Center complex helped to seal the 10-year deal as did Trizec Properties Inc.'s willingness to provide swing space when common-area renovations begin in the 1200 Smith St. building. He says Trizec also offered an assurance that there would be there would be room to grow for the law firm as well as Devon Energy, which is planning to add to its 415,000 sf in the 996,000-sf building.
The signing keeps occupancy at 98% in the 36-story building, which has a quoted rate of $22 per sf. Paul Frazier, Trizec's vice president in Houston, says the renewal negotiations were "aggressive" in keeping with the tenants' market that hangs over Houston as it does other US cities. Although he's not going into detail, Gordon admits there were a number a number of attractive options so the terms had to be competitive. Steve Hesse, executive vice president with CBRE/Trione & Gordon, also represented the tenant.
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