HOUSTON – (Realty News Report) – Aspen Technology has signed an 80,000-square-foot lease at 2500 CityWest in the Westchase area of Houston, according to the Patrinely Group.
The 25-story tower sits just north of Westheimer Road on the west side of Beltway 8, serving as a prominent office location in west Houston.
“This long-term lease renewal and expansion is a true testament to the quality of the building and a validation of the numerous improvements we have made over the past 18 months,” said Dennis Tarro, executive managing director and principal of Patrinely Group. “We are proud this company has chosen to continue their occupancy.”
Cushman & Wakefield
Win Haggard Jr. and Vince Strake of Cushman & Wakefield, together with Tarro of Patrinely Group, represented the property ownership in the transaction.
Last fall, the Common Desk co-working firm leased 24,000 square feet in the 2500 CityWest building, which totals 578,284 square feet and is a recognizable landmark for drivers on the nearby Sam Houston Tollway.
Leasing activity in Houston’s office market has been challenged over the past year as many companies delayed decisions amid the pandemic and weakness in the energy sector. Office vacancy rose, though recent signs show improving sentiment.
“The office market experienced stronger leasing activity during the current quarter as tenants have begun returning to work and exploring office space needs,” said Sherra Gilbert, associate director of research at the Houston office of Cushman & Wakefield. The firm reported Houston’s second-quarter office availability rate was 29.9 percent. “Tenants have come to realize now is the time to get out and strike a deal to capitalize on current market conditions. We expect this trend to continue through the rest of 2021 and into the following years, as there is a significant amount of pent-up leasing demand across all submarkets in Houston.”
Over the last decade, Patrinely Group and USAA Real Estate have completed multiple capital projects and upgrades to enhance the building and its amenities at 2500 CityWest. The property holds LEED EB O&M Silver certification.
Reflective jet-black aluminum
Patrinely Group also provides property management services for the tower, which is noted for its sleek design, including a stepped curtain wall of reflective jet-black aluminum and glass.
In 2011, Patrinely Group acquired 2500 CityWest in a joint venture with USAA Real Estate. The seller was a joint venture between Thomas Properties Group and the California State Teachers Retirement System (CalSTRS). The purchase included six acres of adjacent land, which Patrinely used to develop a 270-unit multifamily project, while the remaining parcel was sold for retail development.
July 29, 2021 Realty News Report. Copyright 2021.
Image: Courtesy Patrinely Group
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
File: Positive Signing in Westchase 2021
File: (2) Patrinely Group. Positive Signing in Westchase by Aspen Technology. 2500 CityWest. Cushman & Wakefield. USAA Real Estate. Thomas Properties Group. California State Teachers Retirement System (CalSTRS). Beltway 8.