Park Towers

Park Towers Houston

Despite the owner's multi-million-dollar investment in this well-located office property, occupancy was stalled at 72 percent for five years following the renovation. In 2003, only 37,000 square feet were leased. The leasing momentum gained from the renovation had been stalled. Leasing velocity was at a virtual standstill.

Park Towers

400 North Belt Houston, TX

When an anchor tenant occupying 53 percent of the building vacated in December 2003, 400 North Belt's overall occupancy sank to 32 percent. Owned by Parkway Properties, Inc., a regional REIT, 400 North Belt is a 12-story, 225,000-square-foot, Class A office property. In 2003 it was faced with serious leasing challenges in a submarket with a 30 percent vacancy rate and a negative yearly absorption of 400,000 square feet.

Park Towers

Briar Forest Crossing, Houston

Despite its attractiveness, the property was not competitive. Its institutional owner had not stayed current in the market. An array of lease components, from tenant improvement allowances to broker commission payments, were not competitive. The 3/1,000 square foot parking ratio was also below market standards.

Park Towers

Southwestern Energy Company

Though PRS Realty was faced with a "mission critical" deadline and a significant amount of space to lease, they did not panic. They did what they always do... take a strategic approach and tap into their very deep and seasoned network -- both internally and externally.