According to Brad Marnitz, a principal of NAI Houston, who represented the tenant, the new lease involved a "slight reduction in terms of space." He tells GlobeSt.com that no major renovations resulted from the renewal. "Some minor work and renovations will be done," he adds. The tenant moved into the building at 13105 Northwest Freeway in 1995.
Carl Swierc of BGK Texas Property Management LLC in Houston represented the building owner, 13105 Northwest Freeway Associates, in the transaction for the five-story, 315,000-sf building, built during the early 1980s. Quoted lease rates in the area of the property are, on average, approximately $16.70 per sf, with occupancy in class B properties, on the whole, averaging 80%.
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