Spaulding for Children inked a 10-year pact for 10,884 sf of class B office space in 8554 Katy Freeway, getting first-floor space, building and monument signs and a private entrance. The agency moved from the building next door at 8552 Katy Freeway, says Chuck Goldstein, a partner with Cresa Partners' local office who represented the agency. Bill Stone with Jones Lang LaSalle Inc.'s Houston office negotiated terms for the local building owner, West Memorial Park Office LP.
Goldstein tells GlobeSt.com that Spaulding for Children had about eight years left on its lease, but could have moved anywhere because the building was being torn down to accommodate the widening of Interstate 10. "The owner made Spaulding a deal that was very attractive," he says.
According to Goldstein, Spaulding for Children was less than happy when it found out it had to move again after just two years into its lease. "They were just overwhelmed with idea of having to move again, but they soon realized that if they had to do it over again they could make some changes," he says. "The move gave them an opportunity to recreate their office so it would fit hand in glove. It's a real plus now since they have space that is more efficient plus great signage and visibility."
The 46,931-sf building is nearly 90% leased with the agency's lease. The space is on the market for $12 per sf to $15.50 per sf.
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.