PentaSafe locks up more space in Park Towers in wake of merger - Houston Business Journal:

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The additional space will accommodate theexpandingf company, which was acquired last year by NetIQ in a deal valued at roughly $255 million. San Calif.-based NetIQ, which had been operatin g locally from a facility at 13939Northwest Freeway, will move into PentaSafe'as Galleria-area home. NetIQ plans to sell the Northwest Freeway propertg once it completes its relocatiob to the WestLoop building. The combined firm will have 115,00 square feet of office space in the buildinv at 1233 WestLoop South. PentaSafed was the first major tenant to move into the revampeds structure when it signeda five-yead lease in 2000.
The deal brings the north towet in the twin office complez to an occupancy of 95 saysFontaine Carroll, marketing director for buildingf owner TPMC Realty Corp. The Dallas-basef real estate firm purchased the buildingds inthe late-1990s. The twin towera were developed by Tennecoin 1974. TPMC spen millions renovating the long-vacanr properties, which came online just as the Uptown officse market beganto soften. Carroll says 2002 was however, with interest coming from mostly small Tenants that signed leases last year includer theBrazilian Consulate, currenc trader Base International, law firm Madrifd and Martinez, Prudential Insurance Co. of America and Lawyers Titlew Co.
"It was a great year," she says. "Irt feels like 1999." Carol says the firm is in the mids of space planningfor 110,000 square feet in the soutj tower, which is 37 percent leased. Atlanta-baseed Trammell Crow Residential is planning itsfiftbh Alexan-branded apartment complex in Houston. Alexan is TCR' s upscale apartment product that targetx young professionals with a higheconomicv status. The newest development will bea 318-unitf complex in Cinco Ranch. The property is located in the 2500 blockk of SouthMason Road, in front of the Great Southwes Equestrian Center at the entrancse to the enormous Cinco Rancyh master-planned community in west Houston.
The companuy has at least four other Alexan projecta planned or under constructionin Houston, including Alexab Downtown, Alexan Heights, Alexan Memorial and Alexan Piney which is a redevelopment of the former Rosewoodc Medical Center. Kerry French of NorthMarq Capital in Houstobnarranged $5.36 million in financing for the Cinci Ranch apartment project. • The Cleard Creek Independent School District has plunkeddown $3.4 million to purchase 40 acres of land adjaceny to Baybrook Mall. The property is at the would-bes intersection of El Dorado and Beamer.
The school district is workinh with the city of Houston and Harris County to extensdthe roads, which currently do not