Credit counseling agency gains neighbors in its headquarters
Money Management International has found tenants for more than 20,000 square feet of surplus space at its Sugar Land headquarters.
The nonprofit credit counseling agency will share the second floor of the Sugar Creek on the Lake office building at 14141 Southwest Freeway with US Money Reserve and Industrial Info Resources, according to JLL.
The10-story building, which served as U no cal’ s regional headquarters before its merger with Chevron, is among the most recognizable buildings along the Southwest Freeway. It is surrounded by a 6-a cre lake and walking trails.
Edward Prejean, a senior vice president with J LL, represented Money Management International in the sublease deals.
US Money Reserve, an Austin-based dealer of rare coins, has subleased 10,331 square feet. John Hanley of Commercial Real Estate Solutions negotiated the sublease.
Industrial Info Resources, a Houston-based database solutions provider with operations worldwide, has subleased leased 10,200 square feet. Keith Lloyd of Marcus& Milli chap represented the sub les see.
While the two deals take a tiny bite out of Houston’s 11.7 million-square-foot sublease market, they are nearly twice the average sublease deal size of 5,700 square feet in 2016, according to JLL.
Thereare 108,000square feet of sublease space on the market in Sugar Land, according toJ LL. That compares with 5.16 million square feet in the Energy Corridor/Westchase and 2.73 million square feet downtown.
The Sugar Land office market is 9.7 percent vacant, the second-lowest in the Houston area behind Bellaire, JLL said.
A partnership of PM Realty Group bought the Sugar Creek on the Lake building in 2012 and made improvements including a fitness center the following year. Money Management International has been a tenant in the building since 2010.
The building is now 80.7 percent occupied, according to CoStar.