ProLogis, OHL Extend Relationship with 11th Lease Agreement
- Jan 28, 2009
Tennessee-based third-party logistics provider OHL has signed a deal to lease more than 147,000 square feet of recently completed distribution space in Houston from ProLogis for an undisclosed amount. OHL will occupy the space at ProLogis NorthPark, located along Interstate 45, north of Beltway 8. The lease agreement marks the 11th between the two companies; OHL now occupies approximately 2.8 million square feet of distribution space with ProLogis in various locations across the United States. Additional tenants at ProLogis NorthPark include Anna’s Linens, Proinlosa Energy Corp., Cyclone Enterprises and Labrada Bodybuilding Nutrition. The distribution park is made up of approximately 500,000 square feet in four buildings (pictured). ProLogis is one of the largest providers of industrial distribution space in Houston, with a 10.9-million-square-foot portfolio in the market. Additional customers in the market include Toshiba, Mitsubishi Group and Iron Mountain Information Management. This transaction brings ProLogis’ overall leased percentage in the market to 99 percent, according to the company. Houston’s industrial leasing market weathered the national economic crisis by posting another solid year of growth in 2008. Strong demand driven from the oil and gas services sector further solidified Houston’s status as one of the top markets nationwide. Despite healthy annual absorption gains last year, Houston did witness a slowdown in leasing velocity compared to levels seen over the past four years, according to a 4Q08 Grubb & Ellis report. Based in Tennessee, OHL is one of the largest 3PLs in the world, providing integrated global supply chain management solutions including transportation, warehousing, customs brokerage, freight management and import and export consulting services. ProLogis is the world’s largest owner, manager and developer of distribution facilities, with operations in 136 markets across North America, Europe and Asia. The company has $40.8 billion of assets owned, managed and under development, comprising 548 million square feet (51 million square meters) in 2,898 facilities as of Sept. 30.