"We remodeled our current building and plan to use it for more client-related activities," says Robert Cramer of Stanford Financial Group, adding the new space allows the company to grow the retail and back-office operations. The company has owned the 72,000-sf, four-story headquarters building since 1996. "It's more convenient for our clients because it has its own parking garage and is street-level," he says.
Cramer tells GlobeSt.com that Stanford Financial Group plans to relocate the back-office operation in phases, starting in April. The team will occupy seven floors of the 320,359-sf Galleria Tower II at 5051 Westheimer Rd. Departments that will move are human resources, accounting, legal, information technology and advertising.
"We selected the building because it's so close to our existing headquarters," Cramer says. Stanford Financial Group was represented in the negotiations by Allied Realty Group.
Galleria Tower II, owned by Walton Houston Galleria Office LP, an affiliate of Walton Street Capital LLC of Chicago, leases for $19 per sf. The Stanford Financial Group lease brings the high-rise close to full, according to industry experts.
The tower is part of a 1.1-million-sf, class A office project in the Galleria submarket. Chip Colvill of Colvill Office Properties handles the leasing while CB Richard Ellis Inc. oversees property management of the Galleria office buildings. Major tenants in the towers include Air Liquide America, Wachovia Securities, CB Richard Ellis, Solomon Smith Barney, Merrill Lynch, Paine Webber, Citicorp, and the University Club. In addition to the Galleria Office Towers, affiliates of Walton Street Capital own the Westin Oaks and Westin Galleria and 40% of the Galleria retail mall.
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