"My understanding is that they were in two other locations in Houston and this represents a consolidation for them," says Michael Martin, vice president of PM Realty Group in Houston, who represented the building owner of 1001 Dairy Ashford Rd. Mike Bohler and Bruce Feen with the Staubach Co.'s Houston office represented Allied Waste.
Martin tells GlobeSt.com that Allied will get its keys Oct. 1. In the meantime, renovations are under way on the building as well as the new tenant's office. "They're doing a build-out right now," he says. "We gave them an allowance as part of the deal." The building's quoted rate is $17 per sf.
The 128,405-sf building, positioned on 2.5 acres, is 44% occupied, though additional deals for remaining space are pending. Owner RPD Catalyst LLC of Los Angeles is investing resources into the building to help attract more tenants. For previous story, click here.
RPD's timing seems to be strong. Industry sources point out that though second quarter demand for office space in general has softened, class B properties continue to be strong on an annual basis in terms of overall absorption and occupancy.
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.
