According to David Price of Cresa Partners' Houston office, Evans & Kosut shopped the both submarkets, but went with 616 FM 1960 West for proximity to Interstate 45. Price represented the law firm while Wanda Wilson and Marci Phillips, both with Houston-based PM Realty Group, negotiated for the building owner, KBS Realty Advisors of Newport Beach, CA.
The new address is an eight-story, 142,194-sf office building with a 90% occupancy and an asking rate of $16.50 per sf. At the last accounting, the FM 1960 submarket, with seven million sf of office product, has an 11.7% vacancy, negative absorption of 6,537 sf and an average rent of $15.22 per sf.
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