Galleria Office Building Now 85% Leased After Successful Renovation

HOUSTON – Galleria Office Tower 1, a 25-story office building in Houston’s Galleria district, has reached 85 percent occupancy after a comprehensive renovation and the signing of two new leases, Colvill Office Properties announced.

Colvill Office Properties manages leasing for the 493,456-square-foot tower, which was built in the early 1970s as part of The Galleria complex, the mixed-use development designed by Gerald D. Hines.

The recent leasing activity accounts for 44,000 square feet across two transactions. BKD LLP, represented by Lucian Bukowski and Nicholas Bockhorn of CBRE, leased 29,690 square feet. Lucas Associates, represented by Bill Boyer and Collin Grimes of CBRE, signed for 14,174 square feet.

Brad Beasley and Win Haggard of Colvill Office Properties represented the building owners, Azreili Group and Unilev Capital Corp, in both lease agreements.

These new tenants mark a key milestone in the building’s redevelopment at 2700 Post Oak Boulevard, near Westheimer. Approximately two years ago, a major tenant, Air Liquide, vacated roughly 200,000 square feet when it moved to a new facility in West Houston. In response, the Galleria building owners launched an extensive renovation program to modernize lobbies, common areas and the skybridges that connect the offices to The Galleria’s retail levels.

“The market trend toward renovate-and-rejuvenate strategies has really paid off for Galleria Office Tower 1,” said Chip Colvill, President and CEO of Colvill Office Properties. “High-end finishes throughout the property combined with direct access to The Galleria make the Galleria Office Towers a highly competitive choice for companies seeking a prominent Uptown/Galleria address in Houston.”

The Galleria complex totals about 3 million square feet and features roughly 300 shops and restaurants, two Westin hotels, an ice-skating rink and three office buildings: Galleria Office Tower 1, Galleria Office Tower 2 and the Galleria Financial Center.

When it opened in the 1970s, Galleria Office Tower 1 was partially occupied by Transco Energy. That company later moved to the adjacent 64-story Transco Tower, also developed by Hines and completed in 1983.

Dec. 20, 2017 Realty News Report Copyright 2017