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HOUSTON, June 20, 2018 – JLL today announced the firm has been selected as the strategic leasing partner for Burns & McDonnell Plaza, 1700 West Loop South in Houston, a property owned by Richmond, Virginia-based Lingerfelt CommonWealth Partners.
JLL Senior Vice President Scott Fikes will lead the marketing and leasing efforts for the 272,941-square-foot, Class A office building on behalf of Lingerfelt CommonWealth Partners.
"Given the ongoing development, ever-increasing amenities and increased access to the submarket, it's an exciting time to be in the Galleria, and 1700 West Loop South is at the center of it all," said Fikes, who joined the firm earlier this month. "We are thrilled to partner with Lingerfelt CommonWealth Partners on this assignment and look forward to sharing its offerings with the market."
Originally built in 1976, 1700 West Loop South was renovated in 2013. The 15-story office asset includes an upgraded fitness center and structured parking with direct access to the building, as well as a 16,000-square-foot conference center and on-site restaurant in the connected Marriott Hotel.
The building is 85 percent leased and currently has full floor availabilities on the fourth and fifth floors.
According to JLL research, the Galleria was the only office submarket in Houston to experience a decrease in vacancy, an increase in asking rents, and a decrease in sublease space in the first quarter of 2018.
JLL's Office Agency Leasing portfolio in Houston currently stands at approximately 10 million square feet.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
About Lingerfelt CommonWealth Partners
Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Houston, TX, Jacksonville, FL, Nashville, TN, Raleigh, NC, Reading, PA, and Tampa, FL. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion of commercial properties across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com.
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