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Cramped Quarters Leads Energy Firm to Take Extra 20,485 SF

HOUSTON-Pegasus International, which just finished a July move-in, has inked a deal for additional class A space at One Eldridge Place, bringing the total leased by the energy company to 61,455 sf.

By Amy Wolff Sorter | Updated on August 17, 2005

HOUSTON-Energy company Pegasus International Inc., which relocated its headquarters to One Eldridge Place just one month ago, has signed another lease with property owner KBS Realty Advisors for an additional 20,485 sf of class A space, bringing the total amount leased by the company to 61,455 sf.

“They moved to the building in July, and once they were in, realized they needed more space,” Jon Silberman, co-managing partner of NAI Houston, tells GlobeSt.com. Located at 777 N. Eldridge Parkway, One Eldridge Place is part of a two-building complex totaling 518,740 sf and a quoted rate of $23.50 per sf. The deal with Pegasus–involving a lease of less than 10 years–boosts the 21-year-old building’s occupancy to 84%.

Doug Little of locally based PM Realty Group, who represented the building owner in the transaction, says Pegasus received a “substantial build-out allowance” for expansion as well as contributing a significant amount of its own money into refurbishing the space.

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