Leasing has picked up in Greenspoint since the beginning of the year. Transwestern EVP Michelle Wogan and associate VP Evelyn Ward have already closed two deals, netting about 50k SF of absorption for the submarket, and say more are on the horizon.
Bureau Veritas leased 44k SF in Greenspoint Park, pictured below. The whole deal is positive net absorption for Greenspoint; building owner ACCC Insurance expanded into its old space. Michelle and Evelyn closed this deal on the landlord side, but say it was smooth because of their history with the tenant. In 2013, the pair closed the sale of its old office at 390 Benmar to ACCC Insurance, which planned to occupy the whole building. JLL’s Ronnie Deyo, Beau Bellow and Todd Schaefer repped BV, which wanted to stay in the immediate area near Imperial Valley and Benmar (close to its clients and central for its employees) and wanted to be on one floor (not an easy find for a deal that size) in an affordable, nice Class-B property.
Michelle and Evelyn also repped White Oak Operating in a 22k SF lease at 4 Greenspoint Place. The firm moved from a Class-B Greenspoint building to the newly upgraded Class-A facility and expanded by 4k SF. Michelle tells us the market softness in the submarket is creating opportunities for companies like this one to step up the quality of their office space. Colvill’s Damon Thames and Tripp Pruitt repped the landlord, which recently updated the building and amenities. Michelle and Evelyn have another Greenspoint lease in the hopper and tell us based on deals working now across the submarket, it should be a much more happening area in 2016.
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