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.