PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Whitney Williams
Marketing & Communications Manager
PMRG
(713) 209-5935

Oct 1, 2018

PMRG INKS HEADQUARTERS RENEWAL LEASE IN HOUSTON’S GALLERIA SUBMARKET

Houston-based Cornerstone Home Lending Renews 64,022-SF at Eleven77

 

HOUSTON, TX – The Houston office of the recently merged PMRG and Madison Marquette today announced Houston-based Cornerstone Home Lending has signed a 64,022-square-foot headquarters lease renewal and expansion at Eleven77 located at 1177 West Loop South in the Galleria/Post Oak Park submarket of Houston, Texas.

Founded in 1988, Cornerstone Home Lending is a national full service mortgage lender. While the renewal is an expansion of its current lease, Cornerstone will become much more efficient due to restacking that will occur. The company will occupy two full floors and portions of three additional floors of the 18-story 341,947-square-foot Class A office building.

Michael Sieger and Wade Bowlin of PMRG represented the ownership, Dallas-based Spire Realty Group, in the transaction. The tenant was represented by Marshall Clinkscales, Greg Cizik and Edward Edson of Colliers International.

“This lease was not a typical transaction and really came together because there were two motivated parties that saw a mutual opportunity,” says PMRG’s Michael Sieger, Vice President of Leasing. “The tenant had numerous options in the market, and Spire was delighted they decided to stay in the building and remained flexible while working with them on an early renewal. At the end of the day, it was an equally beneficial and attractive deal for both the landlord and the tenant.”

According to PMRG research through Q2 2018, overall leasing activity in the Uptown/Galleria submarket has demonstrated signs of picking up over the past 18 months with large leases above the 50K SF mark accounting for over half of the cumulative space leased above the 10K square-foot threshold. The Uptown/Galleria submarket remains one of the few bright spots in the office sector where fundamentals have shown improvement. The Class A office sector recorded its third consecutive quarter of leasing gains with 33,881 SF of direct space absorbed in 2Q18, bringing the year-to-date total up to 222,007 SF of occupancy gains.

 

About PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.