Alliance Plastics, a subsidiary of United Kingdom-based Bunzl plc, is taking over warehouse space at 8872 Fallbrook Dr., owned by Liberty Property Trust of Philadelphia. The 85,000-sf building is now 68% leased. Siemens Corp., which moved into 45,000 sf last month, has first right of refusal on the remaining 27,000 sf through the end of July.
"For Alliance Plastics, location was a big driver," Andrew Mele, a vice president with Liberty Property Trust, tells GlobeSt.com. "They wanted to be in northwest Houston along the Beltway." Mele represented the REIT in the lease transaction while Mike Taetz and Saul Keenan with Colliers International's Houston office were the tenant's reps.
The Fallbrook building, visible from Beltway 8, has a quoted rate of $3.32 per sf. "We got very close to the asking rate," Mele says.
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