For more retail coverage, click GlobeSt.com/RETAIL.
HOUSTON-Patriot Bank, a newly created bank, has signed a 10.5-year-lease for 12,200 sf of class A office and retail space in the Galleria for its corporate headquarters and first retail location.
On March 1, the bank will move into street-level space at 7500 San Felipe Blvd., says Jared Andresen, a VP with locally based Transwestern Commercial Services Inc. He and partner Michelle Logan represented Patriot Bank in the transaction while the building owner, Beverly Hills, CA-based Unilev Management Corp., was represented by the Trammell Crow Co. team of Charles Scoville, Kristen Rabel and Steve Rocher.
Andresen tells GlobeSt.com that Patriot Bank will be largest tenant in the 10-story, 220,000-sf building. "They get top of the building signage, which this building has never had before, plus entrance and monument signage," he says. The deal included some free rent, he says.
Andresen says Patriot Bank, which started the site search in November, wanted to be situated in the Galleria area because it's convenient for employees. The timing and need for street-level space limited options to five locations, according to Andresen. "Banking regulations require that the bank be set up by a certain date," he adds.
Andresen says the San Felipe building was nearly ready for move-in. "Bank of America had just vacated the space so it cut down a huge out of pocket TI expense," he explains, adding the lease pushes the building close to 100% occupancy. The quoted rent is $17 per sf. The bank's broker says the team now is looking for 3,000-sf to 5,000-sf locations in northwest, west and southwest Houston.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
