For more retail coverage, click GlobeSt.com/RETAIL.
THE WOODLANDS, TX-Bikram Yoga will open a third center in the Houston metro area in the Woodlands Mall in early summer. The operator of the newly formed health and fitness center signed a long-term lease for 7,309 sf of second-floor space.
With the Bikram Yoga lease, the 40,000-sf office component of the 1.3-million sf mall at 1201 Lake Woodlands Dr. is now 50% leased, Nelson Udstuen of Houston-based Axis Property Advisors tells GlobeSt.com. He represented mall owner, Chicago-based General Growth Properties Inc. in the negotiations. Bikram Yoga, part of a Beverly Hills, CA company, was represented by Christian Rooney of CB Richard Ellis Inc.'s Houston office.
Two years ago, the mall underwent a 150,000-sf expansion of extra retail and office space, which is now 55% leased, Udstuen says. Axis Property Advisors was retained by Chicago-based General Growth Properties Inc. in 2003 to lease the class A office space, which is advertised for $24 per sf.
According to Udstuen, the Woodlands' class A office market is the tightest in the Houston area. The Bikram Yoga lease is the second office pact to be signed this year. Last month, the Woodlands Financial Group moved its corporate headquarters into 8,446 sf in a relocation from 4810 W. Panther Creek Dr.
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.
