Steve Rocher with the Houston office of Grubb & Ellis Co. tells GlobeSt.com that the tenant signed a five-year lease. Finish-out will begin soon, with occupancy planned for summer, he says.
Rocher and Kristen Porter, also with G&E's Houston office, represented the building owner, BMS Management of Houston. The environmental consulting firm was represented by Lucian Bukowski and Garrold Parratt, a Staubach Co. team in Houston.
The 101,000-sf, class B building is 75% leased with an asking rate of $16 per sf. The building is located in one of the best performing submarkets with a 2003 positive absorption of 167,179 sf. Class B space totals 7.5 million sf in a submarket with a 16.7-million-sf inventory. According to CBRE/Trione & Gordon's yearend report, class B had a 15% vacancy and average rent of $16.81 per sf.
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