HOUSTON-Stream Realty Partners LP is now responsible for leasing for a four-building portfolio totaling 592,149 square feet that is asset managed by Daymark Realty Advisors. The four buildings are: Waterway Plaza I & II in The Woodlands; 100 Cyberonics Drive in Clear Lake; and 9720 Cypresswood in northwest Houston.
Daymark asset manages a portfolio of more than 1 million square of office space in the local area. Previously, Grubb & Ellis Co. handled the leasing for the entire portfolio. Earlier this year, however, the firm interviewed several local groups to re-assign the portfolio.
“There are a lot of talented groups down here, and I think Daymark wanted to split up the portfolio because different groups have expertise in certain markets,” says Ryan Bishop, vice president of Stream Realty.
Bishop tells GlobeSt.com that Stream won the leasing assignment on the four buildings because of its submarket expertise and creative ideas for filling the vacancies in the buildings. “Each building offers a unique advantage in their respective submarket,” he adds.
Waterway Plaza I & II, comprised of 366,000 square feet of class A office space, is located on the Waterway in The Woodlands. “Although these trophy assets are currently 90% leased, we can put together a contiguous block of 50,000 square feet,” says Paul Coonrod, vice president at Stream. Coonrod, who spends about 50% of his time working on deals in The Woodlands, will handle leasing for Waterway I & II along with and Marilyn Guion.
Bishop and Crossley Davis will focus on 100 Cyberonics Drive, which serves as the corporate headquarters for Cyberonics. The medical device company currently leases 80% of the building, which is situated in the NASA/Clear Lake submarket. Roughly 11,000 square feet is available on the building’s second floor.
Davis also will handle leasing for 9720 Cypresswood, an 82,000-square-foot building located in northwest Houston near Highway 249. The class A building, which was constructed in 2005, offers suites as small as 130 square feet. Many are ready for immediate move-in.
“We think this is a ‘hustle’ assignment,” Coonrod says. “It requires us being proactive and getting out there and talking to people.”
Coonrod adds that Stream also plans to make the process of leasing at these properties more efficient. “We want to make it easier for tenant rep brokers to come to our buildings and do business,” he says.
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