Panattoni’s Class A Flex Building in Beltway 8 Corporate Centre Reaches 92% Occupancy
Tuesday, March 2nd 2010
Houston, TX–Panattoni Development Company, Inc. has reached leasing agreements with several new tenants for their Class A Flex facility within Beltway 8 Corporate Centre, West Houston, TX. This brings occupancy in the 63,500 square foot building to 92% according to Justin E. Bennett, Development Manager of Panattoni.
The most recent lease was executed with Carbo Ceramics, Inc. for 15,000 square feet. Mark Russell of Studley represented the tenant in this transaction and also represented Zeitecs, Inc. for 16,000 square feet in a deal that was completed in the building in April of 2009.
The largest tenant within the building is ACOSTA, Inc. totaling 28,500 square feet. ACOSTA was represented by Dan Boyles and Griff Bandy of NAI Houston.
John Pruitt, Jessica Ochoa, and Kristen Rabel of CBRE represented Panattoni in all transactions and are currently marketing the remaining vacancy within Beltway 8 Corporate Centre on behalf of the company.
The building located at 5050 Westway Park Boulevard represents the fifth phase of this architecturally-restricted, 120 acre Class A business park. When the complex is completed it will comprise more than 1,300,000 square feet of office and related facilities. Panattoni has an additional 60 acres available for build-to-suit projects and recently completed a build-to-suit for CyrusOne data center for 92,000 sf within the park.
Bennett stated “The transactions completed in the building illustrate the strength of the Houston marketplace despite the challenges that exist in today’s commercial real estate market. The Class A image of Beltway 8 Corporate Centre has attracted Class A tenants, and this product type is a strong testament to that statement. The number of deals that we have seen and completed with respect to the building is evidence of the flight to quality that appears to be the growing trend in Houston. Our ability to execute, the excellent quality of service and an ongoing track record of client satisfaction provides a great solution to tenants at Beltway 8 Corporate Centre.”
Panattoni Development Company (PDC) is a privately held, full service development company founded in 1986. During the last five years, the firm has completed 75 million square feet of space worldwide. PDC has developed industrial, office and retail facilities in more than 200 markets. The firm is headquartered in Sacramento, California, and maintains offices throughout the United States, Canada and Europe.