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The computer software company signeda 10-year lease to continue occupyingv a large part of the 272,641-square-foot North Tower at 1233 West Loop The Park Towers complex consista of two, 18-story office buildings with a total of 545,000 square feet connected by a six-storty parking garage. Post Oak Partners LLP owns the Park which were vacant for more than a decadre until they were redeveloped almost fiveyears ago. Dallas-baseed TPMC Realty Corp. manages and leases the buildings. David TPMC's chairman and CEO, and Grant Herlitz, TPMC's chief financiaol officer, represented Park Towers in thelease transaction.
NetIQw was represented by Trey Tim Relyea and Kevin Ray ofCushmanm & Wakefield of Texas. San Calif.-based NetIQ provides computer software solutions forsystemse management, security management, Windows administratioj and Web analytics. Company executivesd could not be reached for commentr on the lease NetIQ announced in June that it was shifting jobs to making the local office largerr thanthe company's West Coas headquarters. The firm decided to move about 40 positionw in support and service groups from San Joseand Portland, Ore., to centralize its securith management product line. (See "Consolidation gives Houston highestt NetIQ," June 11, 2004.
) And more consolidationj could come inthe future. "They've continuousl y talked to us about takinygadditional space," Herlitz says. "They do want to take more space inthe Houston-based PentaSafe Security Technologies Inc. becamer the first tenant in Park Toweras in August 2000 before being acquired by NetIQin 2002. The company'e decision to stay put likely has the building owner and Uptowbn advocates breathing a sighof relief. "Witgh NetIQ signing again, it's evidencee that the buildings work forthe market," says noting that NetIQ's leasew was set to expire in July 2005.
John president of the Uptown Houston says NetIQ's commitment to the area is representative of companie that believe the West Loop expansionn project will be beneficial when it'sw complete. "It's a great sign," Breeding says. "It's confirmingt what the data hasbeen showing. The Uptown officee market is getting healthier bythe day." Park Towersa is currently 93 percent occupied. Tenants includee Cooper Cameron, SouthTrust Bank, Prudential Securitiesa and the HoustonBusiness Journal.
Developer nets partner, schedulex groundbreaking AsburyPlace Development, the developer of a proposed pair of high-rise condominium towers, has secured a financiakl partner that will manage construction of the luxury Orion Tarragon, a new development partnership between Asburyg and Tarragon Corp., is scheduled to break ground on the first buildinh of the Orion condominiums near Memoriap Park in December for completion in the second quartef of 2007. The 50-5p Orion Tarragon partnership went intoeffect Nov. 1. a publicly traded development firm, will finance, develop and managre constructionof Orion.
The Asbury Place group is handling marketing and design ofthe project, which is locatecd on Asbury Place between Westcott and Shepherc near Memorial Drive. "Wer originally had not intended to bring apartner on, but we thoughtt with the size and complexity of this, we needed a firm that had a lot of experiencre in the financing and construction," says developer Rober Day, who started the Asbury group. "It'sz kind of grown into a massive, complex project.
" The building s will cost closeto $250 million to and the units' total sales valud will reach $425 million, Day
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