Search
 

Housing Authority Stays in 62,736 SF of Galleria Building

HOUSTON-The local agency pledges to stay another 10 years as the lead tenant in an 88,000-sf office building after a lengthy market search and a few fallen-out purchases. A TI allowance and expansion rights for the rest of class B space sweeten the deal.

By Jennifer D. Duell | Updated on July 12, 2005

HOUSTON-After looking 18 months for new office space, the Houston Housing Authority has decided to stay put in 62,736 sf in the Galleria submarket. The agency has signed another 10-year lease for the class B space.

The housing authority has been the lead tenant at 2640 Fountain View Dr. for a decade. “They really looked hard at buying a facility and at other properties in the Downtown market because their customers are all over the city and Downtown is more central,” says Bob Cromwell, a managing director with local firm, Moody Rambin Interests. “At times they had picked a few buildings they were going to buy, but changed their mind during due diligence.”

Cromwell tells GlobeSt.com that the building owner aggressively pursued the housing authority to stay put in the 88,000-sf, four-story structure. “Since they had been there for 10 years, the agency didn’t want to go through the disruption of the move,” he adds. “The landlord was glad to keep them.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.