McKinney, Pavilions Land New Tenants, Increase Occupancy Rates
- Mar 19, 2012
The historic 1001 McKinney building has experienced a boost in occupancy rate after signing intellectual property law firm Conley Rose as its newest tenant. The 21,001-square-foot lease takes occupancy to 85 percent, considerably higher than the 76 percent registered at the time owner Cameron Management purchased the 24-story building in 2007.
After calling JPMorgan Chase Tower home for the past 21 years, law firm Conley Rose sought a new location with a better space configuration that could host the entire firm on one floor. With the move, the firm will reduce its footprint from 23,000 square feet to 21,001, as it no longer needs file-storage space due to technological advancements.
1001 McKinney, built in 1947 as home for the City National Bank, was the first building on the National Register of Historic Places to be awarded LEED Gold certification for Existing Buildings Operations and Maintenance by the U.S. Green Building Council, a distinction it achieved last year, according to the Houston Chronicle.
Downtown’s Houston Pavilions has also landed a big new tenant, as NBC Sports Group has signed a lease for 32,000 square feet, to be used as office and studio space for Comcast SportsNet Houston. According to the Chronicle, the regional sports network will broadcast Rockets and Astros games and could produce as many as 125 new jobs.
Despite an occupancy rate of 87 percent, the property is facing some problems, after developer Houston Pavilions L.P. lost a key investor and defaulted on its loan back in December. Houston Pavilions is currently on the market.
Photo Credits: Cameron Management Official Website