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May. 28, 2013

Crane Worldwide Signs 150 KSF Industrial Lease

By Georgiana Mihaila, Associate Editor

In order to comfortably service one of its energy clients, Crane Worldwide Logistics has signed a 150,000-square-foot industrial lease at 6501 Navigation Blvd. in Houston.

Tenant Crane Worldwide—a full-service air, ocean and trucking logistics company and customs brokerage—was represented by Ed Frantz and Kevin Kushner of CBRE Group Inc. in the transaction, while the Houston-based Cushman & Wakefield Inc. industrial team of Jim Foreman and Beau Kaleel represented property owner Levey Group.

The transaction marks a major signing for 6501 Navigation Blvd.; Crane’s location is in the property’s 286,000-square-foot Building A (with an adjacent 26,000 square feet, it totals 312,000 square feet). Once totaling 540,000 square feet in 11 buildings constructed in 1950, “the ownership has razed several buildings and sold 10 acres to Centerpoint Energy as part of its redevelopment plan for the site,” said Foreman.

The adjoining space in Building A is currently still available, but sources say that Crane might be considering that space for another expansion.

The 6501 Navigation Blvd. property is located east of downtown Houston, within the I-610 Loop and near the ship channel. The 21.6-acre complex—formerly occupied by Reed Hycalog—is currently undergoing major redevelopment work. So far, owner Levey Group redeveloped the facility by demolishing several of the functionally obsolete buildings and has rebuilt a portion of the main building to provide congruent column spacing and slab elevation.

“This is an ideal facility for Crane Worldwide,” said David Ebro, president of the Levey Group. “The size of the Navigation facility accommodates Crane’s requirements, allowing them to consolidate other operations of theirs into one facility while maintaining expansion capacity within the development.”

Image via LoopNet
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