PaperCity is boxing for a move into 9,216 sf of class B office space at 3411 Richmond Ave. The publication's pact expired March 31 for about the same amount of space at 2727 Kirby Dr., which was slated to be razed by Ashkenazy Acquisition Corp. The New York-based firm planned to develop residential condos on the site, but local experts are speculating that it's pulling back from the project.
"They're a big fish in our building because they occupy close to an entire floor," Scot Ison, president of locally based Axis Property Advisors LLC, tells GlobeSt.com about the inbound sixth-floor tenant. "And, PaperCity will create some identity for our building because it's a well-known name." Other tenants in the building, including modeling agency Page Parkes, are on the hunt for other locations.
According to Ison, PaperCity, which also has offices in Atlanta, Dallas and San Francisco, is taking over space that has sat empty for two years. Boston-based American Tower Corp., a cellular tower company, occupied 34,000 sf in the 85,000-sf building, including the sixth floor. American Tower shut down its local operations and relocated all personnel to its headquarters city. About the same time, Richmond Tower's other lead tenant, the now defunct HMO AmeriHealth, moved out.
With the PaperCity lease, the seven-story building, is 90% occupied versus 50% a year ago when St. Germain Street Investments acquired it. The structure, built in 1967, was extensively renovated in 1997. The quoted rate is $16.50 per sf, full-service. Other major tenants in the building include Greystar, Landiscor and First American Title Co.
Ison represented the building owner, Austin-based St. Germain Street Investments, in the transaction. PaperCity was represented by Phil Arnett of CBRE/Trione & Gordon and Joseph Trout of McKenzie Realty Co. in Houston.
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