"This is such a complicated deal," Ronnie Martin, a director of leasing with the Houston-based Hines, tells GlobeSt.com. "It took us a long time to figure out how to make this work." Martin represented the local building owner, 700 Louisiana Ltd., in the lease negotiations while Kevin Hodges in Studley's Houston office negotiated terms for both law firms.
Abrams Scott had occupied 13,560 sf, sharing part of the 18th floor with Connelly Baker, which occupied 29,474 sf. Martin says the firms were subleasing space from another defunct law firm. Abrams Scott needed to expand so the firm relinquished its sublease space, allowing Connelly Baker to take it over.
Abrams Scott signed a 10-year direct lease with 700 Louisiana Ltd. for 21,290 sf on floors 40 and 41 of the high-rise. According to Hodges, the space already is built out for a law firm.
Connelly Baker extended its sublease term and expanded to take over the entire 18th floor, 49,109 sf. Martin says the sublease agreement expires "in a few years," at which time the firm most likely will do a direct lease with the building owner.
The expansions push occupancy to 85% in the 1.3-million-sf Bank of America Center, according to Martin. The 22-year-old building's quoted rent is $21 per sf to $23 per sf.
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