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5177 Richmond Avenue

Chase Bank Of Texas

Houston, TX 77056

  • 626 - 23,325 sqft
  • inquire for pricing

Building Details

  • Walk Score®78
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  • Availability

    UnitSizePriceInquire
    5th Floor - Suite 535626 sqftInquire for pricing
    Suite 535626 sqftInquire for pricing
    Suite 740852 sqftInquire for pricing
    11th Floor - Suite 1150887 sqftInquire for pricing
    Suite 1150887 sqftInquire for pricing
    Suite 750925 sqftInquire for pricing
    Suite 7751,056 sqftInquire for pricing
    Suite 11101,219 sqftInquire for pricing
    6th Floor - Suite 6381,242 sqftInquire for pricing
    Suite 6381,242 sqftInquire for pricing
    5th Floor - Suite 5401,247 sqftInquire for pricing
    Suite 5401,247 sqftInquire for pricing
    Suite 7021,413 sqftInquire for pricing
    5th Floor - Suite 5801,513 sqftInquire for pricing
    Suite 5801,513 sqftInquire for pricing
    Suite 7251,738 sqftInquire for pricing
    Suite 5401,750 sqftInquire for pricing
    Suite 7381,837 sqftInquire for pricing
    Suite 5602,048 sqftInquire for pricing
    12th Floor - Suite 12202,126 sqftInquire for pricing
    12th Floor - Suite 12752,145 sqftInquire for pricing
    Suite 12752,145 sqftInquire for pricing
    Suite 5302,262 sqftInquire for pricing
    Suite 1302,325 sqftInquire for pricing
    Suite 5302,962 sqftInquire for pricing
    Suite 5002,962 sqftInquire for pricing
    Suite 6003,175 sqftInquire for pricing
    Suite 6753,175 sqftInquire for pricing
    Suite 6803,830 sqftInquire for pricing
    6th Floor - Suite 6404,631 sqftInquire for pricing
    11th Floor - Suite 11455,654 sqftInquire for pricing
    Suite 11455,654 sqftInquire for pricing
    Suite 12906,726 sqftInquire for pricing
    8th Floor7,053 sqftInquire for pricing
    Suite 1108,492 sqftInquire for pricing
    2nd Floor - Suite 27510,854 sqftInquire for pricing
    Suite 95011,570 sqftInquire for pricing
    3rd Floor - Suite 35014,344 sqftInquire for pricing
    Suite 35014,344 sqftInquire for pricing
    Suite 20021,882 sqftInquire for pricing
    8th Floor - Suite 80023,325 sqftInquire for pricing
    4th Floor - Suite 40023,325 sqftInquire for pricing
    Suite 80023,325 sqftInquire for pricing
    Suite 40023,325 sqftInquire for pricing

    Map

    Neighborhood

    Galleria

    Located in the Uptown District of Houston, The Galleria is an upscale, mixed-use urban development shopping center. In addition to the retail center, hotels, and health club, the Galleria is a popular location to lease office space. Galleria office space tenants include financial services firms, law firms, and energy companies, ranging from multinational corporations to local businesses.

    Galleria Office Space | Lease Data and Trends

    RentVacancyInventory
    Class A Office Space$38/sf21%18,000,000 sf
    Class B Office Space$28/sf16%5,000,000 sf
    Greater Houston$31/sf24%170,000,000 sf

     

    The West Loop – Galleria office space sub-market features nearly 25 million square feet of office space inventory. 18 million square feet of space is categorized as Class A, renting at an average of around $38 per square foot. The remaining Class B space rents at a more affordable $28 per square foot. Approximately 20 percent of office space Galleria is vacant, slightly below the Houston metro average of 25 percent. Vacancy rates have steadily climbed since 2015, leading to a decline in new construction and an increase in Houston sublease activity.

    Galleria is one of the more expensive sub-markets outside of Downtown Houston, with asking rents similar those in Katy, The Woodlands, Greenway Plaza, and Midtown. The past year has seen significant transaction activity in the area. Notable leases include Stuart Title’s 156,151 square foot sublease at 1360 Post Oak Blvd., Apache Corporation’s 524,342 renewal at Post Oak Central, and Transcontinental Gas Pipe Line’s nearly 300,000 square foot renewal at 2800 Post Oak Boulevard.

    In addition to leases and renewals, West Loop/Galleria also saw two significant sales in Q1 2018. Baupost Group LLC purchased the 1.1 million square foot Marathon Oil Tower at 5555 San Felipe for $175 million, and Griffin Partners bought three Loop Central buildings for an undisclosed amount.

    What Our Brokers Say About Galleria Office Space for Lease

    The Galleria Financial Center is occupied by many financial, legal, and energy firms, including Merrill Lynch, UBS AG, Morgan Stanley, CBRE, and Citigroup. The other two office buildings in the area are Post Oak Tower and the Galleria Tower. Additionally, the Williams Tower is connected by a walkway.

    In addition to the wealth of Class A office space, Galleria office space is in high demand because of its convenience and accessibility. It’s a short drive from Downtown, Midtown, Texas Medical Center, and Sugar Land.

    Uptown is easily accessible via the West Loop and is home to more than 2,000 businesses, representing nearly 15 percent of Houston’s total office space inventory and around 17 percent of Class A space. Uptown ranks as one of the 20 largest business districts in the United States, comparable in size to the downtown areas in Pittsburgh and Denver.

    Addition of New Tenants

    In September 2018, Simon Property Group announced a new round of Galleria tenants. These include Dubai-based Musaafer by The Spice Route Co. , Swiss watch maker Breitling, Dance With Me, Invicta, Maje, Popbar, and Sandro. The second half of 2018 saw several new tenants open shop, including Amazon Pop-Up Kiosk, Charles Tyrwhitt, Eloquii, Quay Australia, Maison Luisant, and Morphe.

    Houston Galleria History

    The Galleria consists of a retail center, as well as the Galleria Office Towers, two Westin hotels, and a private health club. The office towers and hotels are owned and managed separately from the shopping center. The mall is the seventh largest in the United States and most extensive in Texas. Current anchor tenants include Neiman Marcus, Nordstrom, Saks Fifth Avenue, and Macy’s.

    The Galleria was developed by Gerald D. Hines, and opened in 1970. The center was modeled after the Galleria Vittorio Emanuele II in Milan, and mimicked its distinctive glazed barrel vault, spanning the central axis of the mall.

    Upon opening, the mall had 600,000 ft² (56,000 m²) of retail space. Today that has expanded to 2.4 million square feet and features many high-end boutiques, such as Louis Vuitton, Gucci, Cartier, Valentino, Coach, Fendi, Chanel, Carolina Herrera, Giorgio Armani, Jimmy Choo, Bvlgari, Christofle, Tiffany & Co. Yves Saint Laurent, Burberry, and Versace. Galleria is also home to Texas’ first Tesla Motors and Prada stores.

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