HOUSTON – Meritage Homes, the fifth largest home builder in America, and competitor Taylor Morrison, the seventh largest builder in the nation, have leased space in the same office tower in West Houston.
The two leases, totaling 46,899 SF, have been executed at Reserve at Westchase, a 195,000-SF, Class A office building located at 3250 Briarpark Drive in Houston’s Westchase submarket, reports Transwestern Real Estate Services .
Shares of Meritage Homes and Taylor Morrison are both traded on the New York Stock Exchange with the symbols “MTH” and “TMHC.” Last year, Meritage reported 14,106 home sales and Taylor Morrison sold 12,647 homes, according to Builder.
Arizona-based Taylor Morrison signed a new 29,000-SF lease, relocating its Houston office from 2929 Briarpark Drive. CBRE’s Jon Lee and Claire Douthit represented the tenant in negotiations.
Meritage Homes of Texas LLC, wholly owned subsidiary of Meritage Homes, based in Scottsdale, Ariz., renewed its 17,899-SF lease. Meritage has occupied its space at the building since 2018. Cresa Global Inc.’s Neil Elliott, Dustin Cruz and Lawson Martin represented Meritage in negotiations.
Transwestern’s Jack Scharnberg and John Heard represented the landlord in the transactions.
“The continued activity at 3250 Briarpark comes as no surprise,” said Scharnberg. “A strong, financially stable ownership coupled with the newly completed renovations at the project makes this a very attractive option among the slim Class A availabilities in West Houston.”
Earlier this year, Mattress Firm signed a 55,855-SF lease, relocating its headquarters to the building. The consumer-oriented firm has called its HQ its “bedquarters.”
The office tower is currently undergoing renovations to the lobby and common areas.
Transwestern also handles Asset Services for the building. The four-story building, located just east of the Sam Houston Tollway, has large floor plates of about 50,000 SF.
Nov..1, 2023 Realty News Report Copyright 2023
Image courtesy Transwestern
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File: Two Home Builders Lease Office Space in the Same Tower