The complex was 45% leased when Lionstone bought it about a year ago, says David Baker, executive vice president with Transwestern Commercial Services Inc., who handles the property's leasing and management. Huntsman LLC has expanded its presence in Waterway Plaza I by subleasing class A office space from Pantellos Group LP through 2006. Once the sublease expires, the Salt Lake City-based chemical manufacturer will add the space to its master lease, which is a 15-year deal, Baker says. The company, planning to occupy the space in March, now occupies 158,400 sf in the 223,483-sf building.

Huntsman was represented by Damon Palermo, a partner with Houston-based PalermoBarr while Pantellos was represented by Kevin Barr, a partner with PalermoBarr. Barr tells GlobeSt.com that Pantellos previously occupied 52,000 sf on two floors in the 223,483-sf building at 10003 Woodloch Forest Dr. "They were downsizing and needed to make some changes to their space," he says. "They wanted to have a presence, but not as big." As a result, Pantellos signed a long-term lease for 18,104 sf in the 142,560-sf Waterway Plaza II. The firm, which was recently acquired by Kansas City-based Perfect Commerce Inc., plans to relocate in March.

"Both entities had a need and it just worked," Baker says. "Huntsman wanted contiguous space and we were able to accommodate both tenants." Barr again represented Pantellos while Lionstone Group was represented by Baker, Todd King and Clint Bacum with Transwestern Commercial Services in Houston.