This Week's Houston Deal Sheet
A corporate headquarters relocation, this time to Westchase, leads off this week's Deal Sheet. The International Association of Drilling Contractors signed a 19K SF lease at Lockton Place, 3657 Briarpark Drive in Houston. IADC will relocate its headquarters from 10370 Richmond Ave. in the third quarter.
Lockton Place is an eight-story, 186K SF Class-A office building in Houston’s Westchase District. With the completion of this transaction, the building is 93.5% leased.
“Not only is IADC’s lease a beacon of light to the Westchase submarket, which has been heavily impacted by the energy downturn, it underscores the ‘flight to quality’ theme continuing to play out across the city’s office sector,” JLL Senior Vice President Russell Hodges said.
Founded in 1940, IADC represents the worldwide oil and gas drilling industry with a focus on advocacy and improving safety and environmental protection.
"Our new headquarters sets the stage for the start of another chapter of growth and innovation for the association,” IADC President Jason McFarland said.
LEASES
Lee & Associates’ Mike Spears and Chase Cribbs represented 4553 Aldine Bender in the lease of a 28K SF industrial building at 4553 Aldine Bender in Houston. JLL’s Richard Qaurles represented the tenant, HFJ Group.
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CHCA Bayshore leased 5,600 SF of retail space at the intersection of Beltway 8 and Wallisville Road from the Schirenson Family. NewQuest Properties’ Ashley Strickland represented the tenant. Transwestern’s Chace Henke and Micha Van Marcke represented the landlord.
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Lee & Associates’ Preston Yaggi and Stephen Kuper represented Chapman & Cole in the lease of a 49K SF industrial building at 4514 Brittmoore Road in Houston. NAI’s Travis Land and Nick Peterson represented the tenant, BiSN Oil Tools.
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Lee & Associates’ Rob Johnson represented Edge Engineering & Science in an 11K SF office lease at 16285 Park Ten Place in Houston. Tony Allen represented the landlord, FSP Park Ten L.P.
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Lee & Associates’ Robert McGee and Mike Spears represented Brighton Lane Partnership in the lease of a 19K SF industrial building at 505 West Canino Road in Houston. NewQuest Properties' Ori Batagower represented the tenant, Drive Away Autos.
SALES
Littwitz Investments' David Littwitz represented Panera Bread in two deals. The first is a 1.1-acre ground lease for a 4,500 SF new location at 851 Dairy Ashford. Belvoir Real Estate’s Rin Willis represented the landlord, 929 LLC. The second is a 4,500 SF location at 2500 CityWest Boulevard Plaza in Houston. The landlord, American Land Development, was represented by Transwestern’s Chace Henke.
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Marcus & Millichap’s Justin Miller, Dave Knobler and Davis Hansen completed the sale of the Long Point & Wirt Building, a 25K SF building just off the southeast corner of the high-traffic Long Point and Wirt intersection in Spring Branch.
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Lee & Associates’ Chase Cribbs and Robert McGee brokered the sale of an 8,500 SF industrial building in IAH Humble Business Center at 1974 South Houston Ave. in Humble. Lee & Associates’ Thomas Leger and Mike Spears represented the seller, Humble 18 Holdings.
DEVELOPMENT
Simon began work on significant renovations to Katy Mills Mall. The food court will be completely updated, new lounge areas added and lighting improved throughout the mall. Work is expected to be completed in time for the holiday season.
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Vigavi broke ground on two 21K SF tilt-wall facilities at Bay Oaks Business Park in Pasadena. JLL’s Richard Qaurles is representing the property.
HIRES/PROMOTIONS
David Dumond has joined Partner Engineering and Science, a national due diligence, design and engineering consulting firm. Based in Houston, Dumond has 30 years of experience.
OTHER
Transwestern raised more than $166K over the past 12 months for its national philanthropy partner, Make-A-Wish, supporting the organization’s mission to grant life-changing wishes for children with critical illnesses.
