Rio Bank has entered into a lease agreement with The University of Texas Rio Grande Valley for 27,644 square feet of space on the fifth and sixth floors of its office building located at 701 East Expressway 83 in McAllen, Texas. CBRE served as the listing agent and represented Rio Bank in the lease negotiations.
“We are pleased to house some of our administrative offices for the university within the city limits of McAllen,” said Dr. Guy Bailey, president of the University of Texas Rio Grande Valley. “Being located on the expressway and close to the airport is a big plus and the Rio Bank office building is just what we need as we continue to grow.”
The space will house the university’s institutional advancement, governmental and community relations teams, along with offices for the president and other institutional leaders. The move, which was approved by the UT System Board of Regents in February, will allow the university to vacate much needed space on the Edinburgh campus for the expansion of student support services.
Finish out on the space will begin shortly with a planned occupancy of August or September 2020.
“Rio Bank is a Valley bank run by Valley people,” said Ford Sasser, president and CEO of Rio Bank. “We are thrilled to have another valuable local institution like the University of Texas Rio Grande Valley joining our tenant mix and working alongside us. We look forward to the continued opportunity to serve the McAllen business community with the option to occupy a beautiful, landmark office space.”
The Rio Bank office building has approximately 48,850 square feet remaining of the building’s total 115,086 square feet for lease. In addition to its location along Interstate 82, the Class A+ property also provides easy access to local amenities such as shopping, restaurants, McAllen International Airport and the McAllen Country Club. Adhering to strict energy performance standards, this premier office high rise will also be Energy Star Certified and boast first class finishes throughout to meet the growing desire of McAllen’s professional community for new, high-quality space.
“We are excited to work with Rio Bank as this landmark building introduces a game-changing executive office solution to the growing McAllen MSA,” said Christi Griggs, first vice president at CBRE. “Without question, this building will offer tenants a premier presence in the market.”
Rio Bank will remain a tenant in the building, occupying retail bank space on the first floor along with corporate offices on the second and sixth floors. Bank operations are expected to move into the building in July 2020.
Christi Griggs and Carlos Telles with CBRE are representing Rio Bank in the marketing of the remaining available office space.