Great Big deal for downtown Houston Pavilions Towers

NRG Texas, a wholesale power generation company, and Reliant Energy, its retail energy affiliate, leased 234,000 square feet at Pavilions Tower in Houston’s central business district. The long-term deal includes office space on floors one through 10. Move in is scheduled for March 2011. Reliant will relocate from approximately 407,000 square feet at RRI Energy Plaza (formerly known as Reliant Energy Plaza), HRO Asset Management’s 36-story building at 1000 Main St. NRG will vacate 50,200 square feet at Crescent Real Estate’s 1.25 million-square-foot tower at 1301 McKinney. Pavilions Tower is the 11-story office portion of Houston Pavilions, a 560,000-square-foot mixed-use development at 1201 Fannin St. William Denton, president and CEO of Los Angeles-based Entertainment Development Group Inc., and Geoffrey Jones, CEO of Texas Real Estate Fund Inc. in Houston, formed Houston Pavilions LP in 2004 to develop Houston Pavilions, which delivered last October. The tower is now fully occupied. The office building includes second floor swing space that NRG will occupy after its conversion to office, plus swing space on the third floor currently occupied by building management as office space. Sheehy, Ware & Pappas’ (formerly Sheehy, Serpe & Ware) inked a 22,700-square-foot deal for the 11th floor in January. The average asking rent per year is approximately $24 per square foot, according to CoStar Group information. Eric Anderson and Greg Tilton of Transwestern represented the owner. George “Trey” Strake III and Christopher of Cushman & Wakefield of Texas Inc. represented NRG and Reliant.

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Ed A. Ayres
Houston Realty Advisors, Inc.
713-782-0260