Lee & Associates – Houston Represents Stevenson & Murray in a 7,771 SF Office Lease
AUGUST 2, 2017 (HOUSTON) – Lee & Associates – Houston, a nationwide leader in commercial real estate services, represented the law firm of Stevenson & Murray in a 7,771 square foot lease renewal at 24 Greenway Plaza in Central Houston.
Stevenson & Murray elected to continue its tenancy in the building because of its long-standing relationship with the landlord and property management company, and to keep the familiarity of the location with its clientele. The firm will also undergo an exciting renovation plan to modernize its office facility.
Greenway Plaza has proven its resilience from the energy downturn when compared to other submarkets in Houston, such as the CBD or Energy Corridor. Greenway Plaza accounts for nearly 195,300 of the estimated 11,000,000 square feet of sublease space available in Houston.
Sublease space is a typical indicator of a struggling office market. Accounting for only 1.7 percent of total sublease space available in Houston, Greenway Plaza has not been as affected as other major submarkets in Houston. However, in lieu of scarce sublease space, several ownerships in the area are still offering competitive terms to secure existing or attract new tenancy.
“Based on recent transactions and activity in the area, landlords are still offering tenant-friendly economics inclusive of attractive concessions that we would label as very compelling,” said Chris Nash, associate at Lee & Associates – Houston.
Chris Nash and Travis Taylor of Lee & Associates – Houston represented the tenant, and Sandy Benak of Granite Properties represented the landlord.
About Lee & Associates – Houston
Lee & Associates – Houston is a fully-integrated commercial real estate company with unrivaled capabilities and an unwavering dedication to integrity. Our business-minded brokers specialize in office, industrial and land real estate investments. As the fastest-growing broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit http://www.lee-associates.com/houston/.