[IMGCAP(1)]HOUSTON-Cameron Management, with other private local backing, has pocketed the deed to the Minute Maid Building, a 350,899-sf value-add in the heart of the Galleria submarket. The single-tenant, class B office building, situated on 6.2 acres, is assessed at $38.2 million.

Dougal Cameron, CEO of the Houston-based investment group, says Coca-Cola Co.'s Minute Maid division will stay in half of the 12-story building at 2000 St. James Place through 2009, possibly into late 2010, until a build-to-suit can be finished. Street talk has Minute Maid in talks to move to an office development at Sugar Land Town Square.

As part of the Galleria sale-leaseback, Cameron says Minute Maid has 75 days to reduce its headquarters office to roughly 150,000 sf so the remaining space can be freed up for marketing. The 29-year-old building, supported by 1,230 parking spaces in two attached garages, represents the largest contiguous block of available office space in its submarket. It's also the first time sinceAtlanta-based Coca-Cola bought it in January 1988 that the building's space has been available to lease.