The three-story 175,000-square-foot class-A office building, 17000 Katy Freeway, was built in 2007.
HOUSTON—Two-thirds (22 of 33) of the submarkets in the metro recorded positive absorption during the fourth quarter. The Woodlands (602,236 square feet), Katy Freeway West (410,021 square feet) and Greenway Plaza (186,131 square feet) represented the top three office performers, according to an office report by Transwestern.
Not to be outdone is the Energy Corridor submarket, which includes the three-story 175,000-square-foot class-A office building, 17000 Katy Freeway, built in 2007. CAM Integrated Solutions LLC recently signed a new lease for 59,220 square feet in the building that will serve as the corporate headquarters location for the firm.
“We are eager to move into the 17000 Katy Freeway building, which will offer us ample space for our fast-growing company,” said Craig Pierrotti, CEO of CAM.
Transwestern Commercial Services executive managing director Justin Leighton, senior vice president Branon Pesnell and vice president Lonna Dorman provided tenant representation services. Transwestern executive vice president Eric Anderson and vice president Parker Burkett provided the office leasing services on behalf of the landlord, Insite Realty Partners LP.
“CAM has expanded its footprint by 30,488 square feet, more than doubling its previous lease of 28,732 square feet at Kirkwood Tower,” Dorman tells GlobeSt.com.
17000 Katy Freeway is located within the Park Ten Office Park, a 550-acre master-planned campus in the Energy Corridor submarket. The building is situated on the north side of Interstate 10 and currently has 115,000 square feet of office space available for lease.
“CAM was particularly attracted to the building's outstanding location, access and visibility, as well as the large, efficient floorplates that provided responsible economics,” says Leighton.
In addition, Forum Energy Technologies renewed its lease for 108,639 square feet at 10344 Sam Houston Park Dr. for its global headquarters. Transwestern Commercial Services' managing director Doug Little and vice president Louann Pereira are providing office leasing services on behalf of the landlord, Buchanan Street Partners. CBRE's Jeff Cairns, Bill Boyer and Steve Hesse provided tenant representation services.
Year-end quarterly absorption was the strongest in three years, coming in at a positive 975,809 square feet and bringing overall annual totals to negative 546,599 square feet, according to Transwestern's office report. Class-A properties drove absorption, posting 1.47 million square feet during the quarter and bringing annual numbers into positive territory at 996,471 square feet.
Class B continues to be impacted by the flight to quality that is pervasive throughout the market, with negative absorption of 509,579 square feet during the quarter. For the year, class-B properties posted negative absorption of 1.56 million square feet.
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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.
