HOUSTON-Grubb & Ellis pegs vacancy at 19.9% overall, with absorption surging in the second quarter. The 515,068-sf gain, though, most likely is tied to declining rents across the board. The good news is select pockets are starting to see rents go up.
HOUSTON-The size of the new office buildings has yet to be determined, but the first one breaks ground in the fall for a 2006 delivery. By 2007, a second building will be up and the 172,336-sf existing headquarters will be fully retooled.
HOUSTON-In a lateral move for the west side of town, Shahmoradi & Associates moves into a 10,000-sf building after selling a longtime location. The medium-term lease allows time to decide if the next move will be to buy or build.
HOUSTON-Buyer AmREIT picks up local deeds to the 129,955-sf Plaza in the Park, 97,297-sf Cinco Ranch and 13,597-sf Courtyard at Post Oak. In quick-turning deals, the REIT assumes a TIAA-CREF loan for two centers and gets the other one free and clear.
HOUSTON-Toyo USA and West African Management Services will move in this weekend to a combined 9,470 sf of office space at 15415 Katy Freeway. The inbound tenants sign five-year leases.
HOUSTON-Western Brick slides into 30,194 sf in the Post Oak Distribution Center to get immediate expansion room in the northwest submarket. The paving contractor makes a medium-term commitment to the ProLogis building.
HOUSTON-With projects in the northeast and northwest sectors, Vantage Cos. heads to the southeast, where it will build 150,000 sf of office/warehouse space. Work gets under way in the fall on the 10-building project.
HOUSTON-Marwin Management of Dallas picks up the Greater Houston block of shops in two off-market acquisitions from local sellers. The stores, averaging 4,200 sf, stretch from Conroe to Baytown. The takeover includes new 10-year leases at all locations.
HOUSTON-Tri-Star Financial Services stays put in 5,774 sf of class A space in the Galleria/Uptown submarket. The 22-story Coastal Banc Plaza gets to keep an 83% occupancy with the long-term renewal.
HOUSTON-Redstone Cos. is ready to build again on its upscale 25-acre campus, home to the Houstonian Hotel, Club & Spa. By year's end, ground will break on the 65-unit high-rise condo, the Redstone.