Positive Signing in Westchase

HOUSTON – (Realty News Report) – Aspen Technology has leased 80,000-SF lease in the 2500 CityWest building in the Westchase area of Houston, according to the Patrinely Group.

The 25-story tower is located just north of Westheimer Road on the west side of Beltway 8 in west Houston.

“This long-term lease renewal and expansion is a true testament to the quality of the building and a validation of the numerous improvements we have made over the past 18 months,” said Dennis Tarro, executive managing director and principal of Patrinely Group. “We are proud this company has chosen to continue their occupancy.”

Cushman & Wakefield

Win Haggard Jr. and Vince Strake of Cushman & Wakefield, led by Tarro of Patrinely Group, represented the property ownership.

Last fall, the Common Desk co-working firm leased 24,000 SF in the 2500 CityWest building, a 578,284-SF building that is somewhat of a West Houston landmark for drivers passing by on the nearby Sam Houston Tollway.

Absorption of office space has been harder to come by in the Houston market over the last year as many companies have delayed decisions during the pandemic and softness in the energy industry. Office vacancy has been rising, but optimism appears to be improving a bit.

“The office market experienced stronger leasing activity during the current quarter as tenants have begun returning to work and exploring office space needs,” said Sherra Gilbert, associate director of research at the Houston office of Cushman & Wakefield, which reported Houston’s second quarter office availability rate was 29.9 percent. “Tenants have come to realize now is the time to get out and strike a deal to capitalize on current market conditions. We expect this trend to continue through the rest of the 2021, and into the following years, as there is a significant amount of pent-up leasing demand across all submarkets in Houston.”

Over the last decade, Patrinely Group and USAA Real Estate have completed numerous capital projects and physical enhancements to improve the building and better the amenities at 2500 CityWest.  The building holds a LEED EB O&M Silver certification.

Reflective jet-black aluminum

Patrinely Group also provides property management services at the office tower, which is described as a “sleek building features including a stepped curtain wall of reflective jet-black aluminum and glass.”

In 2011, Patrinely Group purchased the 2500 CityWest building in a joint venture with USAA Real Estate. The seller was a joint venture of Thomas Properties Group and the California State Teachers Retirement System (CalSTRS). The deal included six acres of adjacent land, which was used by Patrinely to develop a 270-unit multifamily property and the remainder of the land was sold for retail development.

July 29, 2021 Realty News Report Copyright 2021

Image: Courtesy Patrinely Group

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: Positive Signing in Westchase 2021

File: (2) Patrinely Group. Positive Signing in Westchase by Aspen Technology. 2500 CityWest. Cushman & Wakefield. USAA Real Estate. Thomas Properties Group. California State Teachers Retirement System. CalSTRS. Beltway 8.

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