The renovation of 5300 Memorial is slated for completion in the first quarter of 2017.
HOUSTON—5300 Memorial, an 11-story 153,000-square-foot office building, is undergoing a multimillion-dollar renovation. Built in 1983 and renovated in 1993, the building's common areas including its entry, ground floor lobby, elevator lobbies and cabs, corridors and restrooms will be remodeled and modernized.
Specific improvements will include a new building monument sign, a contemporary lobby coffee bar, hotel-grade restroom finishes and LED lighting in common areas. Ziegler Cooper Architects and Basic Builders were retained as the design build team on the project, which is slated for completion in the first quarter of 2017.
“The importance of having modern, updated interiors cannot be overstated in today's competitive leasing environment,” JLL's Russell Hodges tells GlobeSt.com. “Renovations add value to an asset, improve the tenant experience and help to attract new tenants to a building. The capital improvements at 5300 Memorial will help the property further differentiate itself from other competing properties.”
Jessica Ochoa and Hodges lead leasing efforts at 5300 Memorial on behalf of Equus Capital Partners and recently completed two lease renewals at the building. Tenants have shown a commitment to the property for its accessible and amenity-rich location, as well as its affordability compared to surrounding submarkets such as Houston's CBD, the Galleria and Greenway Plaza.
“5300 Memorial's distinct location has always been a notable contributing factor to the property's continual success,” said Ochoa. “With the execution of Equus' capital improvements, the building will provide existing tenants a contemporary and attractive work environment and prospective tenants an even more compelling value proposition.”
5300 Memorial is located in the Midtown submarket between Memorial Park and Buffalo Bayou Park. According to JLL research, the Midtown submarket encompasses more than 4 million square feet of class-A and B office space with positive net absorption of 1.8% in 2016.
The Shanks Law Firm, represented by Morgan Relyea of Cushman & Wakefield, recently renewed an 8,463-square-foot lease. Additionally, A. Randall Camacho PLLC, represented by Lee & Associates' Travis Taylor, renewed a 3,523-square-foot lease.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
