As reported in the Business Journal this morning, 1881 Pine will be the new home of grades 6 through 12 of the Ethel Hedgeman Lyle Academy, a rapidly growing charter school. The school has leased the entire 110,000 sf building and will be boosting its enrollment to 1,000 students.
Andrew Sheir of Jones Lang LaSalle represented the owner in the lease and Wanda Wyatt of Solon Gershman Inc., an ONCOR International affiliate, represented the lessee. The deal is worth an estimated $11.5 million over the life of the 10-year lease.
While this transaction is not necessarily indicative of the health of the downtown office market, the leasing of a significant block of vacant space will help tighten the market and improve downtown's vacancy and absorbtion rates.