According to Ronnie Martin, senior director of leasing with Hines Interests, Winstead signed a 10-year lease in the 1.98-million-sf high rise at 600 Travis St., which will commence Nov. 1, 2007. "Construction on the space will start Feb. 1, and they'll move in the following November," Martin adds. Winstead's current office is at 919 Milam St.
While Martin couldn't release specific details of the Winstead deal, he tells GlobeSt.com Hines is quoting net rental rates of between $15 and $17 per sf, plus operating expenses. Build-out costs for the Winstead deal were not available.
In addition to the 100,000 sf accounted for by Winstead, the remaining 200,000 sf is still on the block. But Martin isn't worried about filling the remaining space, pointing to a strong owner's market which has created strong interest in the class A tower.
"We have a couple of things in the works, but can't make any announcements about it right now," he says. "Within the next 60 days, though, we should have some more deals signed."
According to a previously released statement, Hines began opening discussions with existing and prospective tenants when JPMorgan Chase disclosed in 2005 that its Bank One acquisition would mean space consolidation in the Houston area. Effective Jan. 1, 2007, Chase will reduce its position in the JPMorgan Chase Tower to its already existing 5,000-sf banking lobby.
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