In early April, about 50 attorneys and their staff will relocate from 1001 Fannin St. in the downtown. Rick Rose, a law firm partner, tells GlobeSt.com that the lease was nearing its expiration so they began scouring the market for the best deal. He says the decision to move ultimately boiled down to the economics.
Rose says the firm needed expansion space. The Greenway Plaza suite had the right layout for a law firm and required minimal TIs to customize the office space to its needs. Besides, he says, parking is considerably cheaper in Greenway Plaza versus the CBD.
Randy Strait with Crescent Real Estate Equities Co.'s Houston team says the law firm is backfilling space vacated about seven months ago by a tenant who filed bankruptcy.
The new deal takes the 21-story, 518,578-sf Three Greenway to 87% occupancy and the 10-building, 4.2-million-sf complex to 92% leased. The quoted rates for Three Greenway ranges from $21 per sf to $22 per sf.
Besides Strait, Crescent's Warren Savery negotiated the lease for the building owner. Ron McWherter and Jay Cliburn, both with CBRE/Trione & Gordon in Houston, brokered terms for the law firm.
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