M-M Properties Lands 41KSF HQ Lease in Houston
A law firm will move to the 56-story tower.
Wright Close & Barger LLC has signed a 41,000-square-foot headquarters lease at TC Energy Center, a 1.3 million-square-foot office tower in Houston. Newmark arranged the deal on behalf of the tenant, while CBRE brokered the landlord, M-M Properties.
The law firm will relocate from its current office space at One Riverway, a building within the Galleria area, to the 30th floor and most of the 31st floor of the LEED Gold-certified high-rise. The new offices will be 60 percent larger than the space it currently occupies.
Located at 700 Louisiana St. within the city’s downtown, the 56-story tower is close to Interstate 45, while George Bush Intercontinental Airport is 19 miles away.
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M-M Properties acquired the asset in August 2008 from Hines Interests, according to Yardi Research Data. The tower has floorplates ranging from 6,000 to 30,793 square feet, as well as retail space. Tenants at the tower include BMO Capital Markets, Pacific Strategic Investors and Arnold & Porter.
Completed in 1983, the building formerly known as Bank of America Center is currently undergoing renovations. Improvements will feature a coffee bar, tenant lounge and conference center, along with a fitness center.
Newmark Senior Managing Director Joshua Brown, Associate Director Audrey Selber and Transaction Manager Kaitlyn Duffie represented WCB. CBRE Executive Vice President John Spafford worked on behalf of the landlord.
Houston’s office vacancy rate continues to drop
At the end of June, Houston’s office vacancy rate clocked in at 20.6 percent, marking a 320-basis-point decrease year-over-year, according to the latest Yardi Matrix office report. However, the metro’s rate was still above the 19.4 percent national average.
In May, Black Stone Minerals signed a 55,082-square-foot renewal agreement at 1001 Fannin, a Houston high-rise. The tenant has been at the property for more than three decades, using the space as its headquarters.
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