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Two Office Leases Close Off 44,504 SF of Class A Space

THE WOODLANDS, TX-Huntsman LLC adds 26,400 sf to a 158,400-sf foothold in Waterway Plaza II, taking the space from Pantellos Group LP so it can shift into a smaller office at Waterway Plaza I.

By Jennifer D. Duell | Updated on January 18, 2005

THE WOODLANDS, TX-Huntsman LLC has subleased 26,400 sf from a Waterway Plaza tenant that changed its pact and relocated into 18,104 sf. The double deal takes the Waterway Plaza I and II, a 366,043-sf, class A complex, to 96% occupancy.

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.

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