HOUSTON-Three Feldman-affiliated companies have signed a 10-year lease for 16,321 square feet of class A office space in Two Post Oak Central.
The companies, Feldman Law Firm, Capstone Associated Services Ltd. and RSL Funding LLC, are relocating their offices 5051 Westheimer Rd. where they currently occupy roughly 12,000 square feet of non-contiguous space. They will occupy the entire 19th floor of the 405,480 square-foot building located at 1980 Post Oak Blvd.
The companies will move into the new space in September, according to Eric Siegrist of Crescent Real Estate Holdings LLC. He represented the owner, Crescent POC Investors L.P., in the lease negotiations. Feldman was represented internally by Michael Kelly, along with Kevin Hodges with Studley Inc. and Russell Hodges, formerly with Studley Inc. and now a leasing agent with Crescent at Houston Center.
Siegrist tells GlobeSt. that Feldman was looking for contiguous space in the Galleria submarket. “We had pursued Feldman since September of last year,” he says. “Deals of this size and in these market conditions take more time.”
Siegrist says Two Post Oak Central faced a lot of competition from other buildings. “Any class A building in the Galleria was in contention for this deal,” he acknowledges.
However, the building’s location in the heart of the Galleria sets it apart from competing properties, Siegrist contends. “We’re right in the middle so we’re not subject to some of the traffic issues that you have in other parts of the Galleria,” he notes, adding that the pricing was also competitive. “We are in a deal-making posture. Some people make the choice to sit on the sidelines during a down market, but we want to continue to bring in quality tenants to our buildings.”
Additionally, Siegrist says Feldman liked being able to occupy an entire floor. “A lot of tenants are attracted to having their own floor because they can create more identity and there’s a perception of a higher level of security and control,” he explains, adding that the companies will also have monument signage as part of the lease deal.
With the Feldman lease, the 24-story tower is 90% occupied. The quoted rate for the building is $17 to $19 per square foot, triple net.
Two Post Oak Central is part of the 17-acre Post Oak Central project. Designed by Philip Johnson, Post Oak Central consist of nearly 1.3 million square feet of class A office and retail space in three 24-story buildings with attached parking garages.
Post Oak Central is an ENERGY STAR
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