HOUSTON, TX (September 4, 2016) — Andrews Myers has leased the top two floors at 1885 Saint James Place, a new Class A office building located in the Galleria area of Houston, Texas, and will become the anchor tenant in 2017.
The Houston-based corporate law firm will relocate from its current office at 3900 Essex Lane to the top two floors of 1885 St. James Place. The company signed for 30,102 square feet, encompassing the 14th and 15th floors of the building. Craig Hausman and Tony Allen of Pollan Hausman Real Estate Services, LLC represented Andrews Myers in the transaction.
“We’d been searching for a new location for our growing firm for the better part of a year,” said Patrick Hayes, co-managing shareholder at Andrews Myers. “It was perfect timing that our long-time client and friend Dennis Nelson and The Mission Companies, had partnered with another long-time client and friend, Tellepsen Builders, to develop 1885 St. James and that the building became available within our lease window. It’s an exceptional property and we are excited to be the anchor tenant there.”
JLL’s Chrissy Wilson and Russell Hodges represented the landlord, 1885 St. James Place Partners L.P., in the transaction. Additionally, a national financial services firm and the offices of a Houston-based family trust have also signed leases, totaling 10,000 square feet, at 1885 St. James. The building is 27 percent leased.
“Securing an anchor tenant substantiates the building’s viability,” said Wilson. “Despite the general market slowdown and increased level of supply available to tenants today, there is still significant demand for non-commodity office space.”
Having delivered earlier this summer, 1885 St. James Place is a 165,000-square-foot boutique office building located just south of the Tanglewood neighborhood. The building features nine floors of office space situated atop six floors of above-grade parking and an array of amenities including a fitness center, a conference center, food service, on-site security, on-site property management and covered, in-building parking for all employees. Its location provides tenants an amenity-rich setting with more than 70 restaurants and five hotels within a one mile radius of the property.
“We have always loved the St. James Place office environment, and the opportunity to redevelop a site there was at the top of our list,” said Dennis Murphree, a principal at Nelson Murphree Legacy Partners, LLC. “We felt St. James Place is an organic office environment and that a classic, traditional stone building would be the right fit.”
As the newest Class A office building in the Galleria, 1885 St. James has provided a fresh infusion of modern office space to an otherwise mature submarket. According to JLL Research, the Galleria’s office inventory is, on average, the oldest in the city, with the vast majority of Class A properties more than 30 years old.
A top destination for professional services firms, the Galleria has continued to be relatively insulated from the effects of Houston’s recent downturn. According to second quarter reports, the submarket’s total vacancy remained below that of the overall Houston office market for the tenth consecutive quarter. The Galleria remains well-positioned to attract prime tenants, as evidenced by an 84.2 percent preleasing rate on new construction and its ever-growing amenity base.
A feature on Andrew Myers’ move to 1885 St. James Place can be found here.
– ends –
About Andrews Myers PC
Founded in 1990, with offices in Houston and Austin, Andrews Myers, Attorneys at Law, is a corporate law firm and recognized market leader in Texas construction law. The firm focuses on the concentrated disciplines of construction, commercial real estate, corporate and business transactions, with additional emphasis on related issues including bankruptcy and insolvency, employment and capital formation. A seasoned team of attorneys provides timely and cost-effective solutions to the most complex problems facing entrepreneurs and middle-market industry leaders throughout the state and the nation. For more information please visit www.andrewsmyers.com.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.