JLL Closes 4 Office Leases at Houston Asset
- Apr 20, 2018
JLL has completed four leases totaling 15,000 square feet at a Class A office tower encompassing 153,000 square feet in Houston’s Midtown submarket. The new deals bring the property known as 5300 Memorial to 84.3 percent occupancy.
Located at 5300 Memorial Drive, the 11-story building was completed in 1983 and underwent a series of cosmetic renovations in 1993 and 2017, according to Yardi Matrix. The property features on-site property management and security services, recently upgraded lighting, finishes and fixtures in the lobby, elevators, restrooms and corridors, as well as a five-level, dedicated parking garage.
The JLL team of Russell Hodges and Jessica Ochoa represented landlord Equus Capital Partners in the lease negotiations. Additionally, JLL oversees property management at 5300 Memorial. The new lease agreements involved the following tenants:
- Plavnicky, Kinzel & Makowski, LLP signed a 5,054-square-foot lease extension, represented by Vincent Gyorgy of NAI Partners;
- Spain, Price, Reader & Thompson, P.C. signed a new 4,097-square-foot lease and will relocate from Wortham Tower at 2727 Allen Parkway. Marshall Clinkscales of Colliers International represented the accounting firm;
- Gulf Coast Bank & Trust signed a new 3,689-square-foot lease and will relocate from 13105 Northwest Freeway. Avison Young’s Josh LaRocca worked on behalf the tenant;
- Moleculin Biotech Inc. signed a new 2,333-square-foot lease and will relocate from 2575 W. Bellfort St. Jane Nodskov with ICO Commercial represented the pharmaceutical company.
The asset’s tenant roster spans the law, energy, financial, technology and real estate industries, while the submarket’s varied end-user base and location have mostly shielded it from the impact of the oil and gas downturn, according to JLL. Midtown is situated approximately three miles west of downtown Houston and 5300 Memorial is just half mile north of River Oaks Residential Community.
Image courtesy of JLL