The group had been in the Medical Center space since the 1970s, Mark Pillsbury with the Navisys Group in Houston tells GlobeSt.com about a seven-year lease for a 75,811-sf building, which is now 94% leased. The deal's only broker says the firm backfilled space emptied in December 2000.
According to Pillsbury, Pin Oak has been the recipient of several former med center tenants looking to escape the area's "expense, gridlock and parking woes." Pillsbury says Pin Oak is a nice alternative since average med center rents range from $22 per sf to $25 per sf. Asking rates at the class B property run from $16 per sf to $18 per sf plus parking.
The Houston Family Institute's new address is 4747 Bellaire Blvd., part of a five-building, 580,000-sf park with an overall occupancy exceeding 90%. The Navysis Group handles leasing at Pin Oak Office Park, owned by FRM West Loop Associates.
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