Archive for ‘Lease Brief’

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April 9, 2012

Major Lease in Houston’s Energy Corridor

HOUSTON – Principal Real Estate Investors and CBRE Group announced that WorleyParsons, a leading global provider of engineering design and project services, has expanded its West Houston by leasing 130,282 sf of office space at the Reserve at Park Ten, a six-story, Class-A office building located at 15721 Park Row in Houston’s Energy Corridor submarket.  CBRE’s Steve Rocher and Cody Armbrister represented the building’s owner, Principal, in the lease transaction.  Lou Cushman and Courtney Estenson with Cushman & Wakefield of Texas, Inc. represented WorleyParsons.

The building, constructed in 2009, was purchased by Principal in August 2011 when it was mostly vacant.  The lease with WorleyParsons will increase the building’s occupancy to 100%

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April 1, 2012

CBRE Handles Five Leases at Sage Plaza

Houston –  CBRE Group closed on five leases totaling 47,742 sq. ft. at Sage Plaza, a 25-story, 512,461 sq.-ft. Class A office development located at 5151 San Felipe Street in Houston’s Galleria/Uptown submarket.

CBRE’s Bonnie Kelley led the leasing effort on behalf of the property’s landlord in all transactions, which include a 14,924 sq.-ft. renewal with Continental Casualty Company; a 14,685 sq.-ft. new Lease with Legge, Farrow, Kimmitt, McGrath & Brown, LP; a 11,527 sq.-ft. expansion with PSC Industrial Outsourcing, LP; a 4,806 sq.-ft. new lease with Petrocom Energy Group LLC; and a 1,800 sq.-ft. Lease with Ramex.

Jim Buddrus of Swearingen Realty Group represented Continental Casualty and Studley’s Drew Morris represented Legge, Farrow, Kimmitt, McGrath & Brown, while Cushman & Wakefield’s Jim Bailey represented PSC and Taylor Wright of Axis Properties represented Petrocom.

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March 28, 2012

Hines Inks Large Lease in Houston’s Greenway Plaza Area

HOUSTON – Hines, the property and leasing manager for Phoenix Tower in Houston, on behalf of building owner FSP Phoenix Tower Limited Partnership, announced  that New York Life has signed a long-term lease for 33,394 square feet.  Phoenix Tower is a recently renovated, 34-story, 629,000-square-foot office tower located at 3200 Southwest Freeway, near Buffalo Speedway.  With the signing of this lease, the building is now 82 percent leased.

The insurance company was represented in lease negotiations by Chip Horne of Cushman & Wakefield.  Tyler Garrett and Paula Bruns of Hines represented the landlord.

New York Life is the largest mutual life insurance company in the United States, with more than $325 billion in assets under management.

All of the equity interests in FSPLP are owned, directly and indirectly, by FSP Phoenix Tower Corp. (“Phoenix Tower Corp.”), a corporation sponsored by Franklin Street Properties Corp. Phoenix Tower Corp. is a Delaware corporation formed to purchase, own, operate, improve and reposition Phoenix Tower in the marketplace.  Phoenix Tower Corp. is a public reporting company. PhoenixTower is not owned by FSP.

FSP and its affiliates own and operate approximately 1.5 million square feet of Class A office space in greater Houston, including The Offices at Park 10, Energy Tower I, and Eldridge Green (CITGO’s corporate headquarters).  FSP is based in Wakefield, Mass.

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November 27, 2011

Houston Briefs

Houston – Colliers International notes Saroj Kirby, LLC has purchased a 20,750 sf medical office building at 1325 LaConcha Lane, near the Texas Medical Center. Jim Houmani of Xander Properties represented the buyer. Chris Winters of Colliers International represented the seller, Treeline Partners.

Houston — Cushman and Wakefield of Texas negotiated the lease renewal by Exel Inc. of 11,650 square feet of office space at 4101 Interwood N. Parkway. Coe Parker, B. Kelley Parker, III, SIOR; John F. Littman, SIOR, MAI and Tim M. Thomas of this office represented the tenant in the negotiations. David Husid of Grubb & Ellis represented the landlord.

PLANO, Texas – Houston-based Spec’s Wine, Spirits, & Finer Foods has leased a 9,956 square foot suite located in Gleneagles Plaza at 5930 Park Boulevard in Plano. This will be Spec’s first Plano location and is projected to open by the spring of 2012. Jeff Brand of Brand Capital Partners and Jody Detmore with SFP Brokerage represented Spec’s.Mark Johnston with First Allied represented the landlord, First Allied Corporation.

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