Jeff, Gerry - 

Below is data on Houston's office lease market which you may find of 
interest.  The alternate to a "new" suburban lease is space Enron controls in 
Three Allen Center, levels 38 and 39.  Our term runs through Dec. of '05, 
with options to extend.

I will call to set a meeting and we can explore all options.  Thanks - Bill
 
---------------------- Forwarded by Bill Donovan/EPSC/HOU/ECT on 05/23/2000 
08:06 AM ---------------------------


Lance McCarthy
05/22/2000 03:00 PM
To: Bill Donovan/EPSC/HOU/ECT@ECT
cc:  
Subject: Real Estate Market Data

Bill-

The following is information of the EOTT transaction as well as general 
market data on class "A" space in some of the Houston suburban markets:

EOTT:

Building: One Briarlake Plaza
  2000 West Sam Houston Parkway

Premises: 67,500 Rentable Square Feet

Annual Rate: Yrs 1-2 $24.00 PRSF
  Yr       3   $24.50 PRSF
  Yr       4 $25.00 PRSF
  Yr       5  $25.50 PRSF
  Yr       6 $26.00 PRSF

TI Allowance: $27.00 (This space was in shell condition upon delivery.)




Downtown Market: $25-$29 Rents with $10-$15 TI on a 5 year term - 3% vacancy

Greenway:  $21-$25 Rents with $10-$15 TI on a 5 year term - 7% vacancy

Galleria:  $22-$27 Rents with a $10-$20 TI on a 5 year term - 6% vacancy

Westchase:  $23-$29 Rents with a $10-$15 TI on a 5 year term - 15% vacancy

Greenspoint:  $22-$29 Rents with a $12-$17 TI on a 5 year term - 4% vacancy



Please do not hesitate to contact me with any questions.