By Jeff Hamann
Entoro Capital, an investment banking firm, has signed a new, 6,270-square-foot lease to relocate the company’s headquarters to Woodway Tower, an office high-rise in Houston’s Tanglewood submarket. The deal more than triples the size of Entoro’s headquarters space, allowing the firm to roll out expansion plans. JLL’s Diana Bridger represented Entoro in the lease transaction, with Steam Realty’s Mathew Volz and Craig McKenna working on behalf of the landlord.
Located at 4900 Woodway Drive, Woodway Tower is a 12-story, 119,127-square-foot office asset constructed in 1979. The current owner, a private investor, acquired the property in late 2012 from Fidelis Realty Partners following renovation work, according to Yardi Matrix. A number of other office buildings are in the building’s immediate area, home to tenants including IBM, Nexus Health Systems and Johnson Development Corp. Entoro’s old headquarters, an office suite within a 48,109-square-foot building at 710 N. Post Oak Road, sits approximately one mile to the north along Interstate 610.
Expansion in a slow market
Entoro’s lease expansion is notable, given that vacancy rates have climbed in Houston for 12 consecutive quarters, according to JLL’s most recent report on the city’s office market.
“Entoro’s new office will allow the company to achieve their goals for growth,” said Bridger, vice president of JLL’s office tenant representation group, in a prepared statement. “The move created an opportunity to improve the location, quality and design of their office to better support their employees and clients.”
Image courtesy of Yardi Matrix