The Noah of Pearland
As the Bible tells us, Russell Crowe managed to get the world's animals into one place. The same thing is happening with tenants: Five new office users have moved into 1.2M SF Pearland Town Center in Q1, taking advantage of its mixed-use design.
Evergreen Commercial Realty prez Lilly Golden repped the landlord in the deals, which absorbed 16k SF in the center. The newbies: Coder for Rent, HLR Architects, Wilmar, Pearland Visitors Bureau, and FCA Designs. The lifestyle center is now 66% leased, and Lilly tells us two leases out will bring it to 80% occupancy by Q3. Only 12k SF remain available in the center's 67k SF of office, and Lilly tells us she's seeking one tenant to take down the whole block.
Lilly tells us tenants are choosing Pearland Town Center because of its competitive rent structure and easy access to high quality restaurants and retailers. Office users in the center benefit from its 750k SF of retail, 350 Class-A apartments, and 110-room Marriott hotel. Lilly says breaking down into five smaller leases came with challenges: It was hard to keep construction costs under budget. (Doing all five at once helped.)