HOUSTON – (Realty News Report) – The Raymond James & Associates wealth management firm has leased 60,219 SF in San Felipe Plaza, a skyscraper in Houston’s Tanglewood area.
Raymond James leased three full-floors in the 980,000-SF building, located at the corner of San Felipe Street and Augusta Drive.
Raymond James has been a tenant of the recently renovated 46-story building for nearly 30 years. Raymond James was represented in the transaction by Todd Brandon, David Guion, Joe Rambin and Grant Goodwiller of Cushman & Wakefield; Rima Soroka and Eric Siegrist led efforts on behalf of Parkway Property Investments, the owner of the tower.
Designed by noted Los Angeles-based architect Richard Keating of Skidmore Owings & Merrill, San Felipe Plaza is located in a neighborhood just northwest of the Galleria area.
“The long-term lease commitment by Raymond James & Associates to San Felipe Plaza is a testament to the superior quality of the building in terms of ownership commitment to its physical attributes and to providing industry-leading service levels to its esteemed tenants. We are truly humbled to extend this nearly three-decade relationship with Raymond James,” said Eric Siegrist, Parkway’s Managing Director of Leasing.
The building was developed in the early 1980s by Houston multifamily magnate Harold Farb, who was well known in social circles at that time. But when Farb completed the building the Houston economy was in a deep valley. Farb was open about his financial distress, telling reporters he was losing $1 million a month on San Felipe Plaza.
The Houston office market has been soft with high vacancy rates as companies have been delaying real estate decisions or reducing their footprint due to work-from-home policies. In addition, a weakened energy business has created office vacancy in Houston.
Parkway also owns the Greenway Plaza office park near the Southwest Freeway and Buffalo Speedway.
Aug. 6, 2021 Realty News Report Copyright 2021
Photo credit Mabry Campbell.
For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
File: Major Lease Signed in San Felipe Plaza. Skidmore Owings & Merrill.
File: (2) Raymond James. Major Lease Signed in San Felipe Plaza. Harold Farb. Cuhsmana & Wakefield. Eric Siegrist. Richard Keating.