HOUSTON – (Realty News Report) – Another tenant has leased space in the 12000 Aerospace Avenue building in the NASA/Clear Lake area, a submarket that has shown resiliency during the pandemic and stability over the years.
“Where most of Houston has struggled due to energy exposure, the Clear Lake office market has performed consistently well over the years,” said Matthew Asvestas, senior associate at Stream Realty Partners. “Currently the Clear Lake market is 87.1 percent leased, compared with an occupancy rate of 80.2 percent for the overall Houston area.”
Stream Realty Partners represented Gemini Rosemont Commercial Real Estate, owner of the 12000 Aerospace Avenue building, in leasing 19,000 square feet to Hargrove Engineers + Constructors. Charlie Neuhaus of NAI Partners represented the tenant.
The 80,000 SF office building, located just east of Interstate 45 near Ellington Airport, is now 100 percent leased.
“The Hargrove Engineers + Constructors lease transaction is great news and more indication of the strong Clear Lake office market,” said Dan Seal, executive director of Economic Development at the .Bay Area Houston Economic Partnership. “The robust occupancy levels of the overall Bay Area Houston office market are not surprising either given the region’s continued strengths in the aerospace, chemical, medical/life science, and logistics sectors. We are hopeful that the stability, and even growth, in these sectors may mean that we are beginning to see a light at the end of the pandemic tunnel and that, once COVID levels lesson further, the area will show even more positive upticks in the real estate markets.”
Gemini Rosemont, founded in 1992, is headquartered in Los Angeles and has offices in Dallas and New York. Through its sponsorship from Gemini Investments Holdings, Ltd., an investment company listed on the Hong Kong Stock Exchange, the company has invested approximately $600 million in Class A office buildings in technology-centric and/or gateway U.S. markets totaling over 1.3 million square feet since March 2016.
Feb.8, 2021 Realty News Report Copyright 2021
File: NASA Clear Lake Office Market
Caption: 12000 Aerospace Avenue Courtesy: Stream
File: (2) Ellington. NASA Clear Lake Office Market Shows Resilience. Stream Realty. Gemini Rosemont