The Intec deal involves restacking and renovations in excess of $2 million, kicked in by both sides. Renovations are scheduled for completion by July.
Thomas Properties, in a joint venture with the Sacramento-based CalSTRS, picked up the 194,801-sf Intercontinental Center at 15600 John F. Kennedy Blvd. in last summer's 2.5-million-sf office portfolio buy of Houston properties. The international leader of designs for production and pipeline systems for energy companies has had its headquarters in Intercontinental Center since January 1995.
"Keeping Intec was absolutely critical to this acquisition," says Chip Colvill of Houston's Colvill Office Properties who, in conjunction with David Baker of locally based Transwestern Commercial Services handled the deal for Thomas. Steve Hesse, Clare Flesher and Mark Pillsbury with CB Richard Ellis' Houston office represented Intec.
"Upon purchasing this building, Thomas immediately took steps to renew the lease," Colvill tells GlobeSt.com. "Since then, they've making the building more efficient in terms of the ability to stack." He adds that the JV owner is continually making other upgrades as well.
Colvill says Intec's lease consideration was in the range of Intercontinental Center's quoted rate of $18 per sf to $19 per sf, gross. The engineering firm's existing space is spread out on floors three, six and seven through nine. The restacking, which adds a tad more room, will put the team into contiguous space, filling half of the sixth floor and all of the three upper levels, according to Colvill. Built in 1983 and renovated in 1991, the Beltway submarket high rise is 85% leased.
In a press release announcing the deal, Bruce Crager, CEO of Intec Engineering says Intercontinental Center's location is ideal due to its proximity to Bush Intercontinental Airport. "Further, we are excited about many improvements that Thomas Properties is planning to the building to better serve our employees," he says.
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