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Despite a glut of office vacancy in the 249/BW8 corridor, (a submarket known more as a retail and industrial powerhouse), the leasing team at Caldwell Cos says office leasing activity has remained steady. Sounds crazy, but they’ve leased 245k SF since oil dropped below $50/barrel. Most notably, they recently leased 90k SF to four new tenants at University Park.
Caldwell VP Jack Russo tells us the repositioning of the old Compaq/Hewlett Packard HQ is coming full circle; completely renovated floors, abundant amenities and a Woodlands-like setting have attracted an impressive tenant mix. There's 150k SF of remaining vacancy in the 420k SF project. Jack reports Caldwell is working with several tenants to gobble up the remaining vacancy in large chunks. The only slowdown in the Northwest is 290 construction traffic.
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