Powell Industries quietly negotiated and filed away the long-term lease for a vacant building on the former Texas Genco campus while working out details to the $32-million acquisition of the medium-voltage ANSI switchgear product line and related assets from GE Consumer & Industrial of Louisville, KY. John Ferruzzo, principal with NAI Houston, tells GlobeSt.com that the fast-paced search landed at 12301 Kurland Dr. because it was one of just a few openings of its size in the five-mile search area dictated by Powell Industries' headquarters at 8550 Mosely Dr. "It fit their operations better than anything out there," he says.

In addition to location, Ferruzzo says the publicly traded company wanted a class A building with plenty of office space. Powell Industries is adding 10,000 sf to 15,000 sf of office space to the 19,000-sf component and keeping the balance as warehouse. When the work's done, it will have a corporate headquarters' flair to accommodate the inbound GE team.

Ferruzzo says the office/warehouse was on the market at a monthly rate of 33.4 cents per sf industrial gross. The deal closed for close to the ask, he says.