HOUSTON – Transwestern today announces more than 241,700 square feet of new office leases and renewals have been completed in the North Houston submarket in the last 12 months. Transwestern Executive Vice President Michelle Wogan, Vice President Evelyn Ward and Broker Associate Paula Musa were involved in the transactions.
"The North Houston submarket is experiencing a significant increase in activity,” said Wogan. “Tenants have been attracted to the Class A opportunities, unmatched fiber hub accessibility and ease of access to the premier freeway systems. With vacancy pushing 57 percent, the North Houston submarket is the best value in Houston for Class A space that tenants from various industries are quickly recognizing.”
Some of the completed transactions include:
Hunting Energy Services Inc. is relocating its corporate U.S. headquarters to 62,137 square feet at 16825 Northchase Drive. Wogan represented the tenant. Ward and Musa represented the former owner, Northwestern Mutual, and Kevin Wyatt represented the current owner, Lincoln Property Co.
Wogan represented the building owner in a 40,602-square-foot lease at 2 Northpoint.
Vinmar leased 37,671 square feet at 16825 Northchase Drive. Wogan, Ward and Musa represented the building owner, and Don Foster with JLL represented the tenant.
Wogan represented the building owner in a 20,799-square-foot lease at 333 North Belt.
Our Lady of the Lake is relocating its campus from The Woodlands to 20,000 square feet at 600 North Sam Houston Parkway. Wogan represented the building owner, and Enrique Lima with Real Estate Brokerage Group represented the tenant.
Air Products and Chemicals leased 16,748 square feet at 16945 Northchase Drive. Wogan, Ward and Musa represented the building owner, and Anthony Squillante and Dustin Devine represented the tenant.
In addition to the lease transactions, Wogan negotiated the sale of Northborough Tower with Transwestern’s Leah Gallagher and Hale Umstattd. The 14-story building at 100 Glenborough totals 206,553 square feet.
Wogan has represented properties and clients in the area since 1987 and has been involved with the district management since its inception 25 years ago. She currently serves as the chairwoman of the board of directors for North Houston District.
The North Houston submarket is Houston’s seventh largest with more than 13.9 million square feet of office space, 5.7 million of which is Class A product, representing approximately 42 percent of the submarket. It has the highest vacancy rate in the Houston office market at nearly 40 percent across all asset classes, with Class A office vacancy at 57 percent because of vacating tenants that built campuses including Exxon, Southwestern Energy and Noble.
The submarket is a 20-minute drive from Houston’s most desirable neighborhoods and only 30 minutes from anywhere in Greater Houston given its direct access to I-45 North, Highway 59, Hardy Toll Road and Beltway 8. There are 36 acres of parks and trails connecting six parks across North Houston with abundant restaurants, shopping destinations and hotels. The corporate atmosphere and location amenities have attracted major businesses including Amazon.com, BBVA Bancomer, Chase Bank, FedEx Corp., General Electric, Halliburton, Lennar Corp., Sysco Corp., Texas Children’s Health Plan, United Airlines Inc., Vantiv and Weatherford International.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Houston office, follow @TranswesternHOU.