Crane Worldwide Logistics has leased 150,000 square feet of industrial space in Houston from property owner Levey Group.
The Cushman & Wakefield industrial team of Jim Foreman and Beau Kaleel represented Levey Group, while Crane Worldwide, an air, ocean and trucking logistics company and customs brokerage, was represented by Ed Frantz and Kevin Kushner of CBRE.
The signing marks an expansion by Crane Worldwide, which maintaines other locations within the Houston marketplace.
“This new location is to service an energy client of theirs,” Foreman said in a written statement.
The space is currently undergoing a redevelopment by Levey. Crane’s location is in the property’s 286,000 square foot Building A, and an adjacent 26,000 square feet brings the site’s total to 312,000 square feet. Once totaling 540,000 square feet, Levey has sold 10 acres to Centerpoint Energy, according to Foreman. The adjoining space in Building A remains available, although Crane is considering that space for another possible expansion, Foreman said.
As far as the Houston industrial market, “it is extremely tight, with only about a 6 percent vacancy factor, down from a little more than 7 percent a year ago,” Foreman added. “Rental rates are beginning to see an increase, and construction costs appear to be holding steady.”