Canary Investments Takes Galleria Space

HOUSTON-Canary Investments has leased 3,956 sf at Chase Bank River Oaks at 4256 San Felipe in the River Oaks/Galleria submarket. Steve Rocher and Kristen Porter with the Houston office of Grubb & Ellis Co. represented the landlord, BMS Management while Andrew Baker with the Houston office of NAI Partners Commercial represented the lessee, Canary Investments.

The building was constructed in 1984 and is 207,534 sf on 1.34 acres. The property has an 88% occupancy rate and leases for an advertised rate of $21 per sf.

The Uptown Galleria submarket has approximately 28 million sf with a current vacancy rate of 16%. Class A office space in the Galleria leases for a reported $23.19 per sf and class B leases for a reported $18.58 per sf.

The total Houston office market has approximately 147 million sf with a current vacancy rate of 13.4%. Citywide, the class A lease rate averages $24.66 per sf, and a class B lease rates average $17.81 per sf.