Partners Real Estate To Lease Houston Office Tower – Commercial Property Executive

Tenaris has tapped Partners Real Estate, previously known as NAI Partners, to serve as leasing agent for a 202,999-square-foot office property in Houston. The Partners team in charge of the leasing the building comprises Vice Presidents Michael Sieger, Andy Parrish and Lesley Rice.

The owner, a global pipe manufacturer which has offices at the property, purchased the Class A asset at 2200 W. Loop S. in 2014 for $47 million, according to CommercialEdge.

The 10-story tower is part of the Galleria submarket and features 16,000-square-foot floorplates, four passenger elevators and 807 parking spots, the same data provider shows. The property is situated on a 4.3-acre lot, close to interstates 610 and 69, across The Galleria Shopping Center. The location is less than 9 miles from downtown Houston and within 13 miles of the city’s Energy Corridor.

According to a recent CommercialEdge report, office vacancy is continuing to rise at the national level. In September, Houston’s office vacancy stood at 28 percent, the biggest rate across all major U.S. markets, followed by Atlanta (21.2 percent), Chicago (19.9 percent) and Nashville (19.5 percent). The market’s listing rate hit $29.98 per square foot that month, while Miami ($48.32) and Austin ($42.05) recorded the highest figures among southern metros.

Also in September, EOG Resources Inc. extended its lease at AEW Capital Management‘s Heritage Plaza, a Class A+ office tower in downtown Houston. The tenant signed up for a total of 375,000 square feet at the 1.1 million-square-foot high-rise.