According to Chip Colvill of Colvill Office Properties, who handles the leasing and marketing for the Galleria Office Towers: “There are over $250M of highway improvements that are being finalized in the Uptown District area that have had a significant impact on our leasing efforts. We are seeing a dramatic increase in leasing activity due to the enhanced mobility these improvements mean in terms of access for our tenants to get into and out of the Galleria.” The Westpark Tollroad opened in June which provides immediate access to the Galleria via Post Oak Boulevard. In addition, new “hot links” have opened at the Galleria providing immediate access to the 610 loop and Highway 59 via West Alabama.
A new Hidalgo exit has been added to the southbound side of loop 610 providing a new access ramp to the Galleria.

New tenants to the Galleria include Credit Suisse (4,996 square feet represented by Phillip Thompson of Trione & Gordon/CBRE); GMAC (4,356 square feet); Resources Connection (11,536 square feet represented by Bruce Fehn of The Staubach Company); Medix Technologies (3,070 square feet represented by Dan Boyles of NAI/Houston); Page Partners (5,863 square feet represented by Trey Strake of Cushman & Wakefield). In addition, existing Galleria office tower tenants totaling 201,669 square feet have renewed their leases; the largest lease renewal being Air Liquide America (see separate press release).

According to Jim Adams, senior vice president and branch manager of GMAC Commercial Mortgage in Houston, “We recently decided to open a main office in Houston and selected Galleria Tower I. We considered numerous alternative buildings in the Galleria area. Galleria Tower I affords us the prestigious Post Oak Boulevard address and it is attached to all the amenities of the Galleria complex. The enhanced and now superior access that exists due to the new ramps on 610 and 59, plus the upgrades to 610 and the new Westpark Tollway, make this location one of the best for easy access to all of Houston from this city central location.”
 

The Galleria Office Towers are owned by Walton Houston Galleria Office, L.P., an affiliate of Walton Street Capital, L.L.C. of Chicago. The total complex represents 1.1 million square feet of prime Class A office space in the Uptown/Galleria area of Houston. Major tenants in The Galleria Office Towers include Air Liquide America, Wachovia Securities, CB Richard Ellis, Solomon Smith Barney, Merrill Lynch, UBS, Citicorp, and the University Club. In addition to the Galleria Office Towers, Walton Street Capital owns the Westin Oaks and Westin Galleria and 40% of the Galleria retail mall.

Based in Chicago, Walton Street Capital, L.L.C. sponsors a series of performance based, private equity real estate investment Funds. The Funds have received total equity commitments of over $1.6 billion from government and corporate pension funds, foreign pension funds, endowments, foundations, banks, insurance companies, high net worth individuals, and the principals of Walton Street, who have personally committed over $150 million.

The Galleria is a world-class facility and is considered “a landmark in Texas retailing”. With the expansion that opened in March 2003, The Galleria is the fifth largest mall in the nation. With 3 office towers, 2 hotels, 2.4 million square feet of retail space, and a variety of restaurants, The Galleria is a city within a city. Set in the center of Uptown Houston, The Galleria is located at the intersection of Westheimer Road and Post Oak Boulevard just off Loop 610.