HOUSTON – (Realty News Report) – Another tenant has signed a lease at 12000 Aerospace Avenue in the NASA/Clear Lake area, a submarket that has demonstrated resilience during the pandemic and long-term stability.
“While many parts of Houston have been impacted by energy sector exposure, the Clear Lake office market has maintained consistent performance over the years,” said Matthew Asvestas, senior associate at Stream Realty Partners. “The Clear Lake market is currently 87.1 percent leased, compared with an 80.2 percent occupancy rate for the overall Houston area.”
Stream Realty Partners represented Gemini Rosemont Commercial Real Estate, owner of the 12000 Aerospace Avenue property, in leasing 19,000 square feet to Hargrove Engineers + Constructors. Charlie Neuhaus of NAI Partners represented the tenant.
The 80,000-square-foot office building, located just east of Interstate 45 near Ellington Airport, is now fully leased.
“The Hargrove Engineers + Constructors lease is great news and further evidence of the strength of the Clear Lake office market,” said Dan Seal, executive director of Economic Development at Bay Area Houston Economic Partnership. “High occupancy levels across the Bay Area Houston office market align with the region’s ongoing strengths in aerospace, chemical, medical and life sciences, and logistics. We are hopeful that stability — and potential growth — in these industries indicates progress as the pandemic recedes, and that, as COVID levels decline further, the area will experience even more positive activity in its real estate markets.”
Gemini Rosemont, founded in 1992 and headquartered in Los Angeles with offices in Dallas and New York, operates through sponsorship by Gemini Investments Holdings, Ltd., a company listed on the Hong Kong Stock Exchange. Since March 2016, the firm has invested approximately $600 million in Class A office buildings in technology-focused and gateway U.S. markets, totaling more than 1.3 million square feet.
Feb. 8, 2021 Realty News Report Copyright 2021
File: NASA Clear Lake Office Market
Caption: 12000 Aerospace Avenue Courtesy: Stream
File: (2) Ellington. NASA Clear Lake Office Market Shows Resilience. Stream Realty. Gemini Rosemont